Hon Nicola Willis
Minister of Finance

Finance Minister Nicola Willis has welcomed confirmation the economy has turned the corner.

Stats NZ reported today that gross domestic product grew 0.7 per cent in the three months to December following falls in the June and September quarters.

“We know many families and businesses are still suffering the after-effects of high inflation and interest rates, but today’s data confirms that New Zealanders can look forward to a better future,” Nicola Willis says.

“A growing economy means more opportunities, more jobs, higher incomes and, ultimately, better health, education and other public services.

“Particularly pleasing are the 0.4 per cent increase in GDP per capita in the December quarter, the first rise in two years.

“It is also pleasing to see that exports increased 3.5 per cent in the quarter, fuelled in part by increased spending by international visitors in tourism-related industries such as accommodation, restaurants and bars, transport and vehicle hiring.

“We still have a way to go to get to where we want to be, but with economic forecasters predicting further growth in the quarters ahead things are looking up.

“The Government is focusing on the things that make a difference to the quality of people’s lives.

“The Going for Growth progress report I issued last month detailed more than 80 actions the Government has taken, or that are underway, to facilitate growth. There will be more announcements in the coming months.

“Economic growth is the key to raising living standards, creating higher-paying jobs, and delivering the public services New Zealanders want and deserve.”

© Scoop Media