Danger! The economic bubble is bursting
By Mike Treen, National Director, Unite Union
(Reprinted from The Daily Blog)
Statistics NZ figures released this week have confirmed that New Zealand is in recession on a per capita basis as the economy has declined for two-quarters when measured on this basis.
Gross Domestic Product did grow by .4% in the December quarter 2016 and 0.5% in the March quarter 2017, but because New Zealand’s total population grew by a record 2.1% in the year to March.
Adjusting the GDP growth for population growth produces a negative growth number in both quarters.
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