Our quarterly economic monitor provides a focused, timely, finger-on-the-pulse insight into how the Tairāwhiti economy has performed over the previous quarter with expert commentary from Infometrics' regional economists and a range of economic indicators.
Cyclone Gabrielle heavily disrupted the Tairāwhiti economy over the first quarter of 2023 and while this hampered usual economic activity levels, various indicators highlight the remarkable momentum the region has been able to maintain.
Data from the latest Infometrics Quarterly Economic Monitor shows Tairāwhiti saw a fall in economic activity, mainly due to periods of digital and physical isolation.
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The Tairawhiti economy remains constrained, with more challenging conditions limiting economic activity.
Infometrics provisional estimates show a 1.4%pa fall in economic activity for the September 2022 quarter, partially a result of Tairawhiti’s better economic activity in the comparator Delta lockdown period that meant there was less economic activity to be regained.
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Tairāwhiti’s economic growth has outpaced the national average this quarter, with Infometrics provisionally estimating 3.4%pa GDP growth in the March 2022 quarter, compared to 2.0% nationally.
Over the year to March 2022, Tairāwhiti’s GDP grew 6.9%, compared to 5.2% - an abnormally strong result due to comparison with a weak March 2021 year.
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The Tairāwhiti economy saw a robust bounce back in economic activity at the end of 2021.
Provisional estimates from Infometrics point to a 7.1%pa rise in economic activity in the December 2021 quarter, taking annual growth to 7.2%compared to in 2020.
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Impacts of the Delta outbreak are being felt in Tairāwhiti, with Infometrics data showing economic activity in the September quarter fell by 3.3 per cent.
The latest Infometrics quarterly economic report said while this result slowed economic growth in Tairāwhiti back to 4.3 per cent per annum, it was still ahead of the national average of 3.7 per cent.
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The latest lockdown may have shaken business confidence but economic data from before the delta outbreak shows the region’s economy was on the rise.
Provisional estimates from Infometrics showed the Tairāwhiti economy continued its growth in June 2021, with quarterly economic activity rising 12.1% per annum from the lockdown affected June 2020 quarter. This result increased year-end growth to 5.6% pa.
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Tairāwhiti’s economy took a breath in the March 2021 quarter, following its impressive recovery over the preceding two quarters.
According to provisional estimates from Infometrics, the area’s economy contracted marginally compared to the March 2020 quarter. However, economic activity was still up 1.2 percent pa over the year to March 2021, a far better result than the 3 percent decline in the national economy.
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Tairāwhiti continues economic growth.
Tairāwhiti and Hawke's Bay show best regional economic performance.
Tairāwhiti showed continued economic growth in the last quarter, sharing the top spot with Hawke’s Bay for best regional economic performance, latest figures show.
According to new data released by Infometrics, Tairāwhiti recorded a 3.7 percent rise in activity in the December 2020 quarter.
Quarterly economic data released by Infometrics yesterday shows Tairawhiti is the only region in New Zealand to record economic growth in the year ending September.
Brad Olsen, a Senior Economist at Infometrics and a leading economic commentator across New Zealand commented, “The Tairāwhiti economy saw sustained and solid economic growth in the September quarter, as activity surged post-lockdown. Provisional estimates from Infometrics show economic activity in the region rose 2.0%pa in the September quarter, meaning Tairāwhiti was the only region to record economic growth over the last 12 months.”
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Activity in the June 2020 quarter itself was down 8.3% compared to the same quarter in 2019, the smallest regional contraction across the country. The region's strong primary sector and the small size of the international tourism sector, is helping shield Tairāwhiti from the worst effects of the economic downturn.
Trust Tairāwhiti GM Commercial Richard Searle acknowledged the region's primary industry. "Meat exports nationally rose 0.4%pa in the June quarter, even as forestry exports, another major economic contributor in Tairāwhiti, saw a decline.”