Economic Surprise Great News For Kiwis
Minister of Finance
Today's surprise economic result is great news for workers, families and businesses, Finance Minister Nicola Willis said today.
'Stats NZ reported today that the economy grew 0.8 per cent in the first three months of the year, twice the rate forecast by the Treasury and the Reserve Bank a short time ago.
'This is the second consecutive quarter in which growth outstripped forecasters' assumptions and confirms the economy was gaining momentum late last year and at the start of this year.
'Since then, global conflict has increased and new tariffs have been introduced, but New Zealanders should take heart that the country is back on track after six years of economic mismanagement that fuelled inflation, discouraged investment and ratcheted up prices.
'I know many households and businesses are still doing it tough but the steps the Government has taken to stop wasteful spending, grow the economy and provide more support to households are paying dividends. So are the efforts of the private sector.
'It is also pleasing to see that Gross Domestic Product per person grew by 0.5 per in the quarter, the highest rate since September 2022 and the second consecutive quarter of growth after eight quarters of negative or no growth.
'Inflation is down, interest rates are down, and many families have a little more money in their pockets.
'That money is flowing through to business tills aided by the steps the Government has taken to reduce red tape, incentivise investment and boost tourism, and the export records being set by New Zealand farmers and growers,' Nicola Willis says.
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