The Bay of Plenty is thriving, and our increase in nominal GDP proves it. We have topped the regions for nominal GDP for the second year running (year ending March 2017), according to Statistics NZ.
Our local economy rose by nine per cent, followed closely by Northland and Waikato (both on 8.2 per cent), Southland (7.9 per cent) and Otago (7.1 per cent).
All 15 regional economies in New Zealand recorded increases, with a national average of 6.2 per cent.
The Bay of Plenty’s rise is mainly due to strong increases in the value of agriculture (horticulture and dairy), construction and rental, hiring and real estate services.
This is great news for our region and shows how good government policy, introduced by the former government, and innovative business attitudes have worked.
There are so many upsides to a strong economy both regionally and nationally. One of the big benefits is more jobs and lower unemployment.
This leads to higher standards of living. From a business perspective, a growing economy allows a business to invest in its future, which helps create profitability and long-term success.
The new government has a lot to live up to, and is tasked with the challenge of not messing things up. Our previous government’s consistent, sensible economic policies have encouraged investment in the regions, and brought in skilled people to do the work.