Image via WikipediaThe New Zealand economy
In line with the vast majority of countries around the world, the New Zealand economy began to fall back in 2007 as the ongoing issue of the credit crunch began to hit home with more and more people suffering financial ruin. The sudden drop-off in economic activity in New Zealand led to what was the worst recession seen in the country in 30 years and it has to be said that many people were concerned about the short to medium term plight of New Zealand itself. However, these very people will be surprised to learn that the economy is now fighting fit and looking to the future!
The third quarter of 2009 saw GDP (Gross Domestic Product) increase by 0.1% which was the first growth in the economy since 2007 when the credit crunch began. While many economists are obviously concerned about the longer term impact of the country's worst recession in 30 years there is no doubt that progress has been made and the New Zealand economy is forecast to show further growth in the short to medium term.
The New Zealand services sector
When you consider that the New Zealand services sector makes up around 70% of GDP in the economy, it is obviously a vital area of business and one which needs to be nurtured and brought back to life. Thankfully, figures released by the New Zealand government in September confirmed that the services sector had in fact grown for the third month in a row with hopes that this would continue in the short to medium term at least.
