Connect with us

World

New Zealand economy bounces back to pre-pandemic levels, exceeding forecasts

Maya Taylor

Published

 on 

PHOTO: Flickr/Prachatai

Analysts in New Zealand say the country’s economy has bounced back to pre-pandemic levels, outperforming forecasts. Growth was better than expected, at 1.6% in the first quarter of this year. The growth between January and March exceeded analysts’ expectations, surpassing the anticipated 0.5% increase. The economy has already reversed a 1% contraction seen in the last quarter of 2020.

Under the leadership of Prime Minister Jacinda Ardern, New Zealand has managed to effectively control Covid-19, with no recent cases of community transmission reported. In total, the country has recorded 2,713 cases and 26 deaths, for a population of 5 million. The successful suppression of the virus means Covid-19 restrictions are minimal.

Thai PBS World reports Statistics New Zealand as saying the latest figures show the economy has grown by 2.4% in the 12 months to March 31. The bounce-back is being attributed to spending on hospitality and retail, including the purchase of luxury items like televisions and cars.

According to Jarrod Kerr, chief economist with Kiwibank, the rise in domestic spending has more than made up for the short-lived recession and the drop in tourism seen in 2020. He says New Zealand’s thriving property market also led to a 6.6% rise in construction in the first quarter of 2021

“The economy has confidently returned to pre-Covid levels. We’ve more than dodged a double dip recession. We’ve outrun it. We’re spending and building our way out of the hole that Covid created.”

SOURCE: Thai PBS World

 

Get more from The Thaiger

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forums
🔔 Subscribe to our daily email newsletter
📺 Subscribe / Join YouTube for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram

Follow Thaiger by email:

Myanmar9 hours ago

Myanmar’s economy to shrink by 18% due to military coup and Covid-19

Singapore10 hours ago

Singapore plans to vaccinate 80%, reopen with quarantine-free travel by September

Thailand11 hours ago

Pattaya suspects arrested for live streaming breaking curfew

Welcome back to Thailand!

Thaiger is getting behind local businesses for the restart of tourism in Thailand - up to 50% discounts across all advertising packages!

Thailand12 hours ago

Sinovac/AstraZeneca highly effective, according to Thai research

Phuket13 hours ago

Phuket vice governor says “Sandbox” tourists aren’t scared off by Covid situation

Thailand13 hours ago

Ministry of Education seeks 21.6 billion education subsidy

image
Join the conversation on the Thaiger Talk forums today!
Coronavirus (Covid-19)14 hours ago

The ‘infodemic’ – interview with Helen Petousis-Harris about Covid misinformation

Best of15 hours ago

Phuket’s 8 Best Rooftop Bars

Coronavirus (Covid-19)15 hours ago

Ayutthaya logs 255 new infections, hospital beds full

Thailand15 hours ago

Another “monkey war” in Lop Buri, hundreds fight in the street- VIDEO

Thailand16 hours ago

Plantations International provides Pattaya with provisions

Coronavirus (Covid-19)16 hours ago

Monday UPDATE: 15,376 new infections, Provincial report

Thailand17 hours ago

Thai baht goes from top-performing to worst-hit currency in Asia

Coronavirus (Covid-19)17 hours ago

Covid train cancelled, SRT cites lack of passengers

Coronavirus (Covid-19)17 hours ago

Government submits proposal to allow department store restaurants to sell food online

Thailand5 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism5 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket5 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism5 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand5 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism5 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand6 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand6 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand6 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand6 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand6 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand6 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand7 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand7 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Thailand7 months ago

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8

Trending