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Falling economic growth – wage rises overdue
Falling economic growth – wage rises overdue
CTU
MEDIA RELEASE
18 September 2014
“The lower GDP
growth in the three months to June is further evidence that
growth has peaked. New Zealand’s economy is on the way
down to mediocre growth rates,” says CTU economist Bill
Rosenberg. “Yet wage rises are still weak with 43% of wage
and salary jobs not getting a pay rise in the last year, and
the big question is whether wage and salary earners will get
a fair share of the growth that has occurred.”
The
last quarter has seen growth mainly in services, while
production in most of the tradables sector including
agriculture, forestry, fishing, mining and manufacturing
fell. The quarterly growth was lower than Treasury and
Reserve Bank forecasts.
“The growth is still strongly oriented towards construction and related services. It reinforces the view that better policies are needed to support high value exports and competition with imports, with trade data showing that the highest value (elaborately transformed) manufactured exports having fallen in value and as a percentage of exports,” said Rosenberg.
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