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Thread: The NZ Recession is Over

  1. #1
    ExPat is offline Member
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    Default The NZ Recession is Over

    It's official, Bloomberg just reported that the NZ recession is officially over! I hope everyone is happy with their new jobs and explosive growth in salary and career development.

    N.Z. Economy Unexpectedly Expands, Ending Recession (Update1) - Bloomberg.com

    By Tracy Withers

    Sept. 23 (Bloomberg) -- New Zealand’s economy has emerged from its worst recession in three decades, unexpectedly expanding for the first time in six quarters on rising consumer spending and exports of logs and dairy products.

    Gross domestic product increased 0.1 percent in the three months to June 30 following a 0.8 percent drop in the first quarter, Statistics New Zealand said in Wellington today. The median estimate in a Bloomberg survey of 12 economists was for a 0.2 percent contraction.

    New Zealand’s economy, which began contracting in the first quarter of last year, has started growing sooner than the Treasury Department and the central bank expected. Reserve Bank Governor Alan Bollard this month forecast a “patchy” recovery would start in the third quarter and said the benchmark interest rate needs to stay at a record-low 2.5 percent until late next year to ensure the recovery gathers momentum.
    Is there dancing in the streets right now?

  2. #2
    Taffy's Avatar
    Taffy is offline He who shall be ignored
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    0.1% increase in GDP ends a recession? Maybe until next month.
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  3. #3
    macfod's Avatar
    macfod is offline Oh Masterful One
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    Default someones got a dodgy calculator

    I cant work this all out and somehow something is afoot .

    But hey lets be positive....

  4. #4
    francis1962 is offline Member
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    It doesn't mean the ecomomy is doing well just less badly!!

    Don't think I'd get a pay rise for that end of year report

    Francis

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