There is confidence and optimism in the economy. Overall it’s growing steadily at around 4.5 percent. All our regions are growing strongly, most at over 4 percent a year and only one under 2 percent. Businesses are developing and making the most of positive economic conditions. Inflation is low and personal tax rates are less than almost all other OECD countries.
The New Zealand economy relies strongly on exports, especially from agriculture. We have a small population in New Zealand which means it’s important to look to other countries for markets. We’re a long way from those markets so we strive to develop products that are different and excellent.
Many businesses are focusing on specialized products and services that are in demand globally. We’re developing an economy that’s capable of adapting quickly and being recognized internationally as innovative. Key business indicators reinforce this success.