Page 16 - Marlborough Chamber Voice Magazine Summer 2022
P. 16
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 2022
The Marlborough economy continues to grow The latest Estimated Resident Population data
but at a slower pace than the rest of the from Statistics New Zealand shows that
country. Infometrics provisionally estimates that Marlborough’s population expanded by 0.6% in
Marlborough’s GDP grew by 1% over the year to the year to June 2022 compared with growth in
September 2022. The national economy grew the national population of 0.2%. Like many
by 2.6% over the same period. regions in New Zealand, Marlborough
experienced a decline in young working aged
The Marlborough economy faces significant people. The number of people aged 20-35
constraints. The lack of international tourists declined by 1.9% over the year, while the
and the fall off in domestic tourism since the working age population increased by only 0.3%.
spike in the first year of the pandemic means Labour and skill shortages have constrained
that tourism expenditure is down 5.3% over the employment growth in Marlborough to 1.7%
year to September 2022. Guest nights are down over the year to September 2022, compared
12.1% compared with a 6% decline in the with 3.1% in the national economy. The
national economy. industries making the largest contribution to
local employment growth were retail trade and
A decline in tourist spending has contributed to professional, scientific and technical services.
a relatively low rise in total consumer spending Tightness of the labour market is reflected in
of 4.3% over the year to September 2022. This the very low unemployment rate of 2.5%. The
rate is significantly lower than the rate of number of Jobseeker Support recipients has
inflation (7.2%) meaning that expenditure in dropped to 1,200 in the September 2022
real terms has declined. quarter from a peak of nearly 1,500 in
September 2020.
GDP in Marlborough District
was provisionally up 1% for
the year to September 2022,
compared to a year earlier.
Growth was the same as in
Marlborough Region (1.0%)
and was lower than in New
Zealand (2.6%).
Provisional GDP was $3,573
million in Marlborough
District for the year to
September 2022 (2021 prices).
Annual GDP growth in
Marlborough District peaked
at 7% in the year to
December 2021.
15 VOICE MAGAZINE
