Key indicators say ‘Economy sound – more progress needed’

Seventeen key indicators are now in place to measure growth and innovation in the New Zealand economy, as well as how well tuned Government polices are towards assisting further sustainable economic development.

“This is the first time any New Zealand Government has set in place a series of key indicators that can be used to measure not just the health of the New Zealand economy, but the progress we are making in supporting industries and businesses to create jobs,” said Economic Development Minister Jim Anderton.

The indicators include measures such as: investment in plant and equipment, research and development, exports of high and medium-high technology, how our cities rate internationally, labour productivity, educational attainment and gross domestic product (GDP). The 17 indicators are grouped under five headings – Productivity/Material Standard of Living/Talent and Skills/Innovation/ and Global Connectedness.

The indicators and progress on actions to lift New Zealand’s performance, are outlined in two Ministry of Economic Development reports released today by Jim Anderton at a business breakfast hosted by Deloitte Touche Tohmatsu. The companion documents; the ‘Growth and Innovation Framework: Benchmark Indicators Report’ and the ‘Growth and Innovation Framework: Progress Report’, are on the Ministry of Economic Development Website.

“The first document; the Benchmark Indicators Report, is a snapshot of New Zealand’s economic performance most figures from up till the year 2001. The statistics predate much of this Government’s term of office and they paint a picture of an economy that needs to improve its performance. What is important is the way in which we have selected and organised the indicators to reveal the health of the economy. They will guide the Coalition Government in benchmarking our economic development progress and in making decisions on where our future efforts should be focused.

“These economic indicators stand alongside the Social Indicators released by Steve Maharey on 28 July, the environmental reporting programme from the Ministry for the Environment, and cultural indicators on which the coalition government is doing further work.

“The second document; the Growth and Innovation Framework: Progress Report, highlights economic development initiatives taken by the coalition government. This is the first in what will become a series of reports detailing specific steps that New Zealand has taken in growing an innovative economy,” said Jim Anderton.

Reports: http://www.med.govt.nz/irdev/econ_dev/growth-innovation/ Other indicators; http://www.environment.govt.nz, http://socialreport.msd.govt.nz

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