Wed, 21 Aug 2002
Data Flash (New Zealand)
External Migration - July 2002
The monthly net inflow of migrants was 2,960 in July, little changed from an inflow of 2,920 in June (figures are
seasonally adjusted). At around 35,000 saar, the current inflow - though off its peak - remains sufficient to boost
annual population growth by 0.9pps beyond than dictated by natural increase (births and deaths). While housing market
activity has eased off a little over the past three months, the level of activity remains high, with strong population
growth providing a counter to rising interest rates and natural cyclical factors.
Inbound tourist arrivals rose 1.6% mom to be 5.1% higher than a year earlier. While this represents solid growth, it
remains a far cry from the 10-15% growth rates that had been recorded prior to the 11 September 2001 terrorist attacks.
Growth is expected to pickup over coming months due to the America's Cup regatta. Meanwhile, fewer New Zealanders are
taking short-term trips overseas compared to a year earlier.
Darren Gibbs, Senior Economist