22 December 2005
Media Statement
Cullen on GDP result
“The weak growth figures for September indicate that the long anticipated slowdown might come a little sooner than
envisaged in the Treasury December forecasts,” Finance Minister Michael Cullen said today.
Dr Cullen was commenting on the latest GDP data showing growth over the September quarter of 0.2 per cent. This was at
the bottom end of market expectations and below the Treasury’s estimate.
“The continued evidence of a two speed economy with strong domestic demand and a struggling export sector is obviously
cause for concern.
“But the outlook is still for a fairly soft landing, supported by continuing strength in both business investment and
the labour market.
“The results show business investment grew 6.9 per cent over the September year and 2.2 per cent over the quarter, “ Dr
Cullen said.
ENDS