Canterbury’s latest economic data promising

Earthquake Recovery Minister Gerry Brownlee has welcomed economic indicators released today that show the manufacturing and export sectors in Canterbury continue to perform well.

"The indicators released today by the Ministry of Economic Development also show the large earthquakes on 13 June have not had a significant impact on Canterbury’s recovery," Mr Brownlee said.

Economic activity since the 13 June earthquakes is consistent with the period following the February earthquake, he said.

"I’ve always had confidence in the resilience and positivity of Cantabrians, despite the blows that keep coming their way," Mr Brownlee said.

"It's great to see they picked themselves up, cleaned up the city and kept going after the June earthquakes. It’s an incredibly hard task but they’ve shown real guts and determination.

"The improvement in manufacturing and exports in Canterbury in the past couple of months is particularly heartening and hopefully will help lead a general recovery."

Most of the indicators show stable activity, reflecting that many businesses and households are coping. However, some households and industries such as tourism and retail continue to struggle.

Key indicators showed:

• Exports and imports from major ports and the airports are higher than the same period last year and have improved significantly since the February earthquake.
• Manufacturing has been expanding since May and at a rate higher than the rest of New Zealand.
• Consumer transactions in Canterbury remain stable at around 90 to 95 per cent of levels prior to the February earthquake. The impact from the June earthquakes was minimal.
• The number of individual tax payers leaving Canterbury is stabilising.
• Job advertisements remain at a high level relative to the rest of the country, with construction leading the way.

"We’ve still got a long way to go but Cantabrians have shown they can withstand major earthquakes and snowstorms and still keep their manufacturing and exports going," Mr Brownlee said.

The Canterbury Earthquake Recovery Authority (CERA) is responsible for rebuilding greater Christchurch and its surrounds, and supporting the welfare of its residents. For more information visit www.cera.govt.nz