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New Zealand’s GDP recovers in the last quarter and is projected to grow by 5.6% in 2021

This content was released on March 17, 2022 – 04:13

Sydney (Australia), March 14 (EFE) .- New Zealand’s gross domestic product (GDP) will grow by 5.6 percent in 2021, after rising again in the last quarter of this year, New Zealand’s official statistics said on Thursday.

Between October and December 2021, GDP expanded by 3 percent as a result of easing of measures used against the Govt-19 epidemic, and severe imprisonment in Auckland, the most populous city after a 3.6 percent decline recorded in the previous quarter (July-September).

New Zealand Finance Minister Grant Robertson said in a statement that the easing of restrictions allowed retail and hospitality to recover, as did construction and manufacturing, as well as housing spending and investment in the last quarter of the year.

“The New Zealand economy has ended well in 2021 and, year-on-year, is higher than it was before the epidemic,” the minister added.

For its part, the Reserve Bank of New Zealand recorded inflation of 5.9 per cent in the last quarter of 2021 in February, while unemployment stood at 3.2 per cent.

By 2020, the government’s gross domestic product (GDP), which used one of the world’s toughest policies against epidemics, will have shrunk by 2.9 percent.

New Zealand will reopen its borders for tourists from visa-exempt countries, international travelers in April, Australia and May, after removing the deportation limit for New Zealanders and permanent residents at the end of February.

The country, which has been under severe border closure for nearly two years, hopes to reopen in October, allowing tourists from countries that require a visa to enter the country, which is expected to have a positive impact on its economy. EFE

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