Revealed: New Zealand regions with the best economic growth

New statistics reveal the New Zealand region with the best economic growth - and it's in the South Island.

The latest Infometrics Quarterly Economic Monitor shows nearly all the regional economies grew over the past year, driven by population growth and sustained consumer confidence.

Otago was the standout region in the year to June, with early estimates showing it expanded 3.1 percent. This moved it up five places to become the strongest-performing regional economy.

"Economic activity continues to grow in Otago, driven by a range of factors," says Infometrics senior economist Brad Olsen.

"More people in Otago has combined with buoyant households to boost economic activity, with data from Marketview showing consumer spending rose 4.6 percent per annum in Otago.

"Construction activity also aided Otago's rise to the top, with non-residential consents up 28 percent, which has supported the local labour market.

"Unemployment in Otago fell to 3.4 percent over the June 2019 year, and more construction activity resulting from the Dunedin hospital build is expected to support the local labour market for years to come."

In second place was the Hawke's Bay economy, growing 3 percent per annum, followed by the Bay of Plenty, Auckland and Tasman economies.

Revealed: New Zealand regions with the best economic growth
Photo credit: Newshub

The only region that didn't see economic growth was the West Coast region, which slumped 1.4 percent.

However Infometrics also warns of concern about future growth, with a "long, slow, slowdown" expected over the next few years.

Newshub.

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