Page 10 - Chamber Voice Magazine Autumn 2024
P. 10
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 - December 2023
The Marlborough economy expanded by a Marlborough’s labour market is still very strong,
modest 1.1% over the year to December 2023, despite the economic headwinds. Filled jobs for
according to provisional estimates from Marlborough residents increased 4.4% over the
Infometrics. Although GDP has declined slightly year to December 2023. Employment growth
in the past two quarters, compared with the was broad-based across industries with
same quarters in the previous year, many of the agricultural support services, food and beverage
economic indicators we track reflect a resilient manufacturing, health care, and
economy. accommodation and food services making the
largest contribution. Strong employment
Consumer spending was up 6.3% over the year growth has kept the average unemployment
to December 2023, which was above the rate for the year to December 2023 at 2.3%,
inflation rate of 4.7%pa indicating an increase which is a post-pandemic low.
in the amount of goods households were
consuming. There is plenty of work in the pipeline for the
Marlborough construction sector. The value of
Marlborough’s tourism sector is in relatively non-residential consents over the year to
good shape reflecting the recovery of December 2023 was about 50% above the 10-
international visitor arrivals. Guest nights over year average while residential consents were
the year to December 2023 were up 18%. The close to the 10-year average.
growth in tourism expenditure was less
impressive, at 8.6%pa. The gloss is coming off In anticipation of the ending of the Clean Car
New Zealand’s tourism recovery as arrivals from Discount scheme the number of electric
key markets such as Australia and China vehicles registered in Marlborough reached its
stagnate and domestic tourism spending is highest level (53) in the December 2023 quarter
starting to pull back, reflecting some since our time series began in 2018. We expect
households tightening their belts. the number to decline in the next few quarters
as the financial incentives to switch to electric
vehicles are rolled back.
GDP in Marlborough District was
provisionally up 1.1% for the year
to December 2023, compared to a
year earlier. Growth was higher
than in New Zealand (0.7%).
Provisional GDP was $3,872
million in Marlborough District for
the year to December 2023 (2023
prices).
Annual GDP growth in
Marlborough District peaked at
4.9% in the year to June 2021
7 VOICE MAGAZINE
