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The Canterbury region has been hit by a series of earthquakes over the past two years. These earthquakes have had a variety of impacts, which can be seen in Statistics New Zealand's data. Impacts include a fall in overseas visitor numbers, while employment in the accommodation and food, and retail trade industries also fell. However, building consent figures indicate that some rebuild activity is starting, and employment in the construction industry is on the rise.
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Salary and wage rate growth have undergone interesting changes over the past ten years. Wage rate rises have tended to lag behind economic growth during this period, and New Zealand experienced the highest growth in salary and wage rates of the past decade during the recession. It took a further three quarters for salary and wage rate growth to respond to economic conditions.
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Over the past few years the computer systems design industry has become increasingly important in creating jobs and export earnings for New Zealand. The industry has provided significantly more jobs compared with other industries over the past decade, particularly for those who classify themselves as self-employed. The computer systems design industry also has the highest rates of product innovation in New Zealand, which maintains their competitiveness in the global economy.
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This issue of Economic News was released on Tuesday 28 August 2012.
For media enquiries please contact Vikki Carter (04) 931 4600
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