Page 17 - Marlborough Chamber of Commerce Voice Magazine Spring 2023

Infometrics Quarterly Economic Monitor - June 2023

Overview of national economy
Economic momentum continues to hold up better than expected across New Zealand, with rapid
jobs growth and population growth counterbalancing inflation and interest rate challenges faced by
households. Overall, these factors suggest a rise in underlying economic activity, with provisional
estimates from Infometrics show a 1.4%pa increase in activity in the June 2023 quarter, taking annual
average growth to 3.1%pa.

Weather events, weaker
global economic activity,
and still-high cost i
increases, have weighed
on primary sector output,
and the outlook for
construction activity
has turned weaker.
Spending activity has been
more restrained as house-
hold budgets are
squeezed, and economic
conditions will remain
challenging over the next
12 months as spending
and investment and
subdued, and as more
people become available
for work exactly as fewer
jobs are offered up.