NZ in ‘GDP per person recession’ under Labour

Published: Thu 19 Dec 2019 11:39 AM
Paul Goldsmith - Finance
19 December 2019
GDP figures released today show New Zealand went into a ‘GDP per person recession’ in the first half of this year, and continue to show an economy that is failing to deliver higher living standards for New Zealanders, National’s Finance spokesperson Paul Goldsmith says.
“GDP per person growth is the best indicator of increased living standards.
“Revisions to old GDP data show that in the first two quarters of 2019, New Zealand was in a ‘GDP per person recession’. That is a shocking reflection of Labour’s economic management.
“The New Zealand economy has had a real fall from grace in the past two years. Under National, GDP per person growth averaged 1.8 per cent during our last five years.
“Predictably, Grant Robertson will boast that New Zealand’s headline GDP growth rate of 2.3 per cent is satisfactory relative to other countries.
“Firstly, that is well below the 3 to 4 per cent growth he inherited. And secondly, what he will refuse to admit is that on a per person basis New Zealand is well off the pace. We are behind the US, the EU, Japan and the vast majority of OECD countries.
“Meanwhile productivity, which is what really matters, continues to stagnate.
“National managed to combine a growing population with increasing incomes per person. The current Government, by contrast, is relying almost entirely on population growth to drive the economy.
“The Government has shown it is an incompetent economic manager. Not only has it dragged New Zealand into a per person recession, it has also dragged this country back into deficit after inheriting surpluses as far as the eye can see.
“If National is elected in 2020 we will restore confidence and revive the economy by reducing taxes, encouraging the flow of investment, removing unnecessary regulations and increasing the flexibility in our labour markets.”

Next in New Zealand politics

On Buying Ventilators, And Expanding The Testing For Covid-19
By: Gordon Campbell
On Going To Level Four (and Scrapping The Olympics) Right Now
By: Gordon Campbell
Cabinet Approves Business Continuity Package In Response To COVID-19
By: New Zealand Government
Statement From Police Commissioner Mike Bush Following Guilty Pleas In Operation Deans Prosecution
By: New Zealand Police
Record transport investment in Draft GPS 2021
By: New Zealand Government
On The Loss Of Abortion Safe Zones
By: Gordon Campbell
On The Oil Price Smackdown, And On National’s Fatuous Crusade Against Red Tape
By: Gordon Campbell
Predator Free 2050 Strategy - Expert Reaction
By: Science Media Centre
Government seeks infrastructure projects
By: New Zealand Government
Advance payments to support contractors
By: New Zealand Government
Auckland Council Welcomes Package To Stimulate Economic Recovery
By: Auckland Council
Infrastructure Sector Sees 30 Percent Less Jobs
By: Infrastructure NZ
COVID-19 And The Fundamentals Of Living On A Timed Borrow
By: Nikko AM
Fixing Wellington’s Infrastructure Deficit Should Be Top Of Government’s To-do List
By: Business Central
Nation Steps Up To COVID-19 Alert Level 2
By: New Zealand Government
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media