Page 23 - Chamber Voice Magazine Summer 2023 FINAL
P. 23
Q U A R T E R L Y E C O N O M I C S
ECONOMIC INSIGHT TO THE MARLBOROUGH
REGION
Infometrics Quarterly Economic Monitor - September 2023
Like most areas in the country, Marlborough’s Marlborough’s population grew by 1.2%pa over
economic growth has been slowing. the year to June 2023 according to Stats NZ’s
Infometrics provisionally estimates that GDP estimated resident population series, compared
grew by 1.7%pa over the year to September with growth of 2.1% nationally. Growth is up on
2023, similar to the national economy. However, the previous two years but down from the peak
economic activity in the September 2023 of 4.1% in 2022. Growth was bolstered by strong
quarter was down 0.2%pa compared to the net international migration indicating that
same quarter last year. Marlborough is seen as a favourable place for
The wine industry and its support services were migrants and returning Kiwis to settle. Natural
the bright spot for Marlborough, both in terms change (births minus deaths) fell below zero for
of contribution to economic growth and the first time.
employment. The wine industry added 150 new House values have continued to fall, dropping
jobs over the year to September. to an average of $696,000 in the September
Overall, employment of Marlborough residents 2023 quarter down from a peak of $780,000 in
grew by a very strong 3.3%, above the national the March 2022 quarter. The upside of falling
rate of 3%. The average number of Jobseeker house values is that housing affordability has
Support recipients declined by 5.1%pa over the improved for six consecutive quarters.
year to September 2023 and the The construction sector in Marlborough will
unemployment rate bucked the national continue to be busy over the next year. More
upward trend and continued its downward than 280 residential consents were issued in
trajectory to reach 2.3%. the year to September 2023, up from 247 in the
previous year. The total value of non-residential
consents over the year to September 2023
pushed above $100m for the first time since the
time series began in 1990.
GDP in Marlborough District
was provisionally up 1.7% for
the year to September 2023,
compared to a year earlier.
Growth was the same as in
New Zealand (1.7%).
Provisional GDP was $3,801
million in Marlborough
District for the year to
September 2023 (2022
prices). Annual GDP growth
in Marlborough District
peaked at 5.4% in the year to
December 2021.
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