Today’s GDP figures show the economy is continuing to weaken under the Labour-led Government and is being driven almost entirely by population growth, National’s Finance spokesperson Amy Adams says.
“Today’s GDP figures show the economy grew just 2.5 per cent in the past year compared with 4 per cent under National.
“Growth per person was just 0.8 per cent for the year and 0.1 per cent for the quarter. In the past five years under National growth per person averaged 1.6 per cent a year. That means growth per person has halved under this Government.
“These figures confirm New Zealanders are struggling to get ahead and cope with the rising cost of living.
“Despite all of the empty rhetoric from the Government, under its watch the economy has been driven almost entirely by migration and a growing population.
“The Prime Minister and the Minister of Finance have repeatedly tried to blame the domestic economic slowdown on global factors but the facts just don’t stack up. New Zealand currently has a historically high terms of trade and our exports are rising.
“The domestic economy is sharply weakening because the Government has introduced a raft of bad policies, created significant uncertainty and has no plan to encourage growth.
“A slower economy means less in the back-pockets of Kiwis and less tax revenue for the Government. A weaker economy means the Government has less for health, education and infrastructure, or to provide tax relief for hardworking New Zealanders.
“The reality that this Government needs to realise is that a strong economy is what pays for more wellbeing. A strong economy requires a Government that actually encourages businesses to invest and hire new staff, reduces red tape and rewards those who work hard to get ahead.”