Regions leading NZ’s economic recovery

New Zealand’s economic recovery continues to be led by the regions, the latest ANZ Regional Trends report released today shows.

The report highlights that 12 out of 14 regions recorded a rise in economic activity in the September quarter and year-on year this was the strongest rate of increase since December 2004.

According to ANZ, the North Island, led by Taranaki, expanded 4 per cent in the year to September – a nine year high – while the South Island’s annual increase was higher at 4.6 per cent. Canterbury again recorded the strongest annual average rate of economic growth, increasing 6.2 per cent in the 12 months to September.

“ANZ’s report follows other recent positive economic indicators with business confidence at its highest level since 1994, the manufacturing sector in expansion for the last 11 months, and the net inflow of migrants in September being strongest since July 2003.

“The latest Regional Trends report makes a nonsense of the Opposition’s claims that New Zealand’s regions and towns are being ‘gutted’. The reality is it’s our regions that are leading New Zealand out of the Global Financial Crisis.

“This data will embarrass the Labour Party and comes on the back of other recent gaffes such as the "manufacturing crisis’ and the bizarre claim of a regional exodus the day before the Census results came out. Labour leader David Cunliffe was left red-faced when official statistics showed all but one region grew in size from 2006 to 2013 and he should be red-faced again.

“If it wants to Labour can keep talking down our regions and the performance of our economy. But only the National Government's comprehensive Business Growth Agenda is creating jobs and lifting business confidence and growth in our regions and right across New Zealand.”