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The New Zealand economy will continue to expand in 2012.
It has now grown in 10 of the past 11 quarters, despite the ongoing European debt crisis, the Canterbury earthquakes and a high exchange rate.
Earthquake damage amounts to about $20 billion – or around 10 per cent of GDP – but rebuilding will stimulate domestic growth.

Our two largest trading partners, Australia and China, are forecast to maintain relatively high growth rates and  demand for our major export commodities from emerging markets is strong.
We are expected to grow more strongly over the next two years than Europe, the United Kingdom, Japan, the United States and Canada.
That has been recognised in recent weeks by some Australian businesses investing here and moving jobs to New Zealand.
Global risks remain and we’re likely to see confidence bounce around for some time. But we are getting there.

One of the big banks released its latest regional economic survey last week.  It showed Southland in a holding pattern, with recoveries in the housing market and consumer confidence.

It was prepared before the increase in Fonterra’s payout price (and before the Shield win).  Recent worldwide movements in skim milk powder sales should see a corresponding increase in prices for our milk products, particularly as US milk production is expected to decline further in the next two years.

So while we in the South continue to keeps the belts tightened and remain linked to world markets, the interest in our dairy products and the removal of EU subsidies on all dairy goods mean that we will be in a better position for the coming year.

It’s that sort of resilience that helps Southland get through the problems caused by credit-fuelled booms, and now that we are saving and investing again, we can enjoy the benefits of a strong economy.

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You can contact me either by email me here, phone my electorate office on 218 7749, or call in to 97 Dee Street Invercargill (opposite Waxy O'Shea's).

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Authorised by Eric Roy, 97 Dee St, Invercargill

July 2018
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