Displaying items by tag: economy

The economy is performing well but faces challenges arising from the Chinese economy, says Reserve Bank governor Graeme Wheeler.

FEDERATED FARMERS says the Government's half year Economic and Fiscal Update report shows a faster growing economy, with the agriculture industry on its way to doubling its exports by 2025.

Agriculture was the only contributor to a 1% increase in labour productivity in the March 2012 year, Statistics New Zealand says.

Weaker economic conditions, combined with dry seasonal conditions have impacted New Zealand farmer confidence, particularly in the sheep and beef sector.

Total primary sector export revenue for the year to June 2013 is forecast to be around $27.5 billion, down 5% on the previous year's income ($29.2 billion), says the Ministry for Primary Industries.

More than a third, 36%, of farmers expect the agricultural economy to worsen in the next 12 months, according to a June quarter confidence survey by Rabobank.

Recent releases by Statistics New Zealand point to a bumper export performance led by our farm system, largely due to a wetter summer which allowed many regions to increase productivity. However, some dark clouds are gathering.

FOR THE most part, New Zealand's growth over the next year has already been set in train, and any stabilisation is the job of the Reserve Bank.

Site applications for 2012 New Zealand National Agricultural Fieldays are 13% ahead of last year and already 88% of sites are sold, say organisers.