We began 2013 with a strong plan and an exciting agenda. Six months on, I’m pleased to report that the National-led Government is delivering on its promise to take New Zealand forward. The economy has remained front and centre so far this year. We have been pressing ahead with a range of measures to build a more productive and competitive economy that is based on the solid foundations of investment, exports and savings. We want to see New Zealand become a magnet for investment, because we know that you only get jobs and economic growth when people invest in business.
That’s why a key focus of this year’s Budget was the package of internationally-focused growth initiatives.New Zealand’s prosperity is highly dependent on our ability to form and maintain strong links with countries around the world. The $100-million-a-year package recognises the vital importance that exports of goods and services – such as tourism and international education –hold for our economy. The latest gross domestic product (GDP) data shows that we are on the right track. Despite the impact of the nationwide drought, the New Zealandeconomy continues to grow.Supported by the Government’s comprehensive programme, it is performing favourably against most developed countries. According to the numbers released last week, New Zealand’s GDP grew 0.3 per cent in the three months to 31 March. This takes annual growth – from the March quarter 2012 to the March quarter 2013 – to 2.4 per cent.
Our growth compares with 2.5 per cent in Australia, 1.8 per cent in the US, 1.4 per cent in Canada, 0.2 per cent in Japan, 0.6 per cent in the UK and a 1.1 per cent contraction in the Euro area. There are other indicators to suggest that momentum will continue this year, driven by rising consumer and business confidence. With new jobs being created and unemployment levels coming down, we can look to the future with well-earned optimism. The National-led Government is working hard to build a stronger, more stable, economy. We want to deliver more jobs, higher incomes and greater opportunities for all New Zealanders,so that you and your family can have the brighter future you deserve.
