Economy took off in Dec quarter

BusinessWire is reporting that the economy boomed in the December quarter:

New Zealand’s economy surged in the December quarter to the best level since mid-2007, according to the Quarterly Survey of Business Opinion, which shows firms are more optimistic and output is increasing across the board.

The survey, conducted by the New Zealand Institute of Economic Research (NZIER), shows a rebound in activity, particularly in Canterbury but also a “very good lift” in Auckland.

The survey’s measure of business confidence rose to plus 19 percent in the December quarter from minus 1 percent in the previous quarter. A positive reading indicates more optimists that pessimists.

The trading activity indicator surged to best level since mid-2007, rising to plus 8 percent from minus 4 percent in the previous quarter. 
“Capacity pressures are intense in Canterbury, but there is little pressure in the rest of the country,” said NZIER principal economist Shamubeel Eaqub.

“Firms do not intend to raise prices much. Consumer price inflation will remain low,” he said, predicting that the Reserve Bank of New Zealand will keep interest rates on hold for some time.

The NZIER survey results are consistent with annual growth of above 2 percent for 2012.

NZIER said that the pickup in the economy is not yet flowing through to the labour market. New hiring remains subdued and labour is getting a little easier to find outside Canterbury.

This s great news, though I am sure Labour will find some way of criticising it.


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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story.  And when he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet.   Cam Slater doesn’t do quiet, and as a result he is a polarising, controversial but highly effective journalist that takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him.  But you can’t ignore him.

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