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NZ economy buoyed by commodity exports, dented by earthquake
NZ economy buoyed by commodity exports, dented by earthquake
Forward indicators were pointing to an upturn
for the New Zealand economy until the Christchurch
earthquake, according to the BusinessNZ Planning Forecast
The BusinessNZ Planning
Forecast incorporates BusinessNZ's Economic Conditions Index
(ECI) which tracks 33 indicators, including GDP, export
volumes, commodity prices and inflation, debt and confidence
figures. The ECI for the March quarter - prior to the
Christchurch earthquake - had improved 6 points from the
previous quarter. However, growth for 2011 will be
severely dented through production foregone in the wake of
the earthquake. On the positive side, commodities exports
are going from strength to strength, taking New Zealand's
terms of trade to a 35-year high. Continuing robust
growth in New Zealand's major trading partners Australia and
China is a positive indicator for 2012. The BusinessNZ
Planning Forecast for the December quarter 2010 is here
ends
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