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NZ Economy: Rocky Road
The latest BusinessNZ Planning Forecast shows middling growth for New Zealand’s economy between now and 2025, with a mix of positive and negative indicators.
BusinessNZ Director of Advocacy Catherine Beard says New Zealand’s economy is facing similar conditions to others around the world.
"Economic growth the world over is expected to be modest over the next few years, as countries and consumers start to focus inward.
"In New Zealand, inflationary pressures remain elevated despite an increase in net migration. Although this should take some pressure off the labour market, household spending is increasingly restrained.
"House prices appear to have bottomed out but as households fix at new rates, sometimes much higher than they were initially tested at, the cost of living continues to rise.
"With an election on the horizon, investors are cautious. Policy announcements from all parties will play a significant role in spending in the lead up to October."
The BusinessNZ Economic Conditions Index sits at -1 for the June 2023 quarter, a deterioration of 7 on the previous quarter but an improvement of 4 on the previous year.
The Index tracks 33 economic indicators including GDP, export volumes, commodity prices, inflation, debt, and business and consumer confidence.
The full report can be found on the BusinessNZ website.
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