There was confirmation today that the new Coalition Government has inherited a strong economic growth story from the previous National-led Government, National Party Finance Spokesperson Steven Joyce says.
“Stats New Zealand’s report of 3 per cent growth for the year to September together with upward revisions to recent growth figures paint a clear picture of a strong economy over the last few years,” Mr Joyce says.
“They have revised New Zealand’s growth figures for the 2014, 2015, and 2016 calendar years to 3.6 per cent, 3.5 per cent and 4 per cent respectively. That’s a highly respectable growth story in anyone’s language.
“GDP per capita has also been revised upwards in those years. We’ve had 8.3 per cent in real GDP per capita growth over the last five years.
Mr Joyce says the figures released today finally put to bed the fallacy that New Zealand was having a ‘productivity recession’.
“In addition, the figures today show that the construction industry remains strong with the largest quarterly growth since March 2016. Road and rail infrastructure was a key driver, with the largest increase in ten years.
“New Zealand has now experienced 18 quarters of consecutive economic growth; and has grown in 26 out of the last 27 quarters, all the way back to December 2010.
“These figures provide clear confirmation that the new Government has inherited a very strong economy driven by the strong economic plan of the previous Government.
“The Labour-led Coalition needs to take heed of softening business and consumer confidence numbers since the election and make sure their policy changes don’t muck this story up.”