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Tables 4 and 5 - Labour market indicators

Table 4 - Annual Average Percentage Change
March Year 2011
Actual		 2012
Estimate		 2013
Forecast		 2014
Forecast		 2015
Forecast		 2016
Forecast
Real GDP (production basis) 1.2 1.6 2.6 3.4 3.1 2.9
Working-age Population 1.4 1.0 0.9 1.1 1.1 1.0
Labour Force 1.5 1.2 0.7 1.0 1.2 1.2
Employment 1.2 1.3 1.3 1.6 1.6 1.4
Labour Productivity * -0.9 0.0 1.8 2.1 1.6 1.5
CPI  (annual percentage change) 4.5 1.6 2.6 2.5 2.4 2.4
Average Ordinary Time Hourly Wages 1.6 3.0 3.4 3.8 3.8 3.6
Average Weekly Earnings 2.7 3.6 2.5 3.6 3.7 3.6
Real Wages -1.2 -0.3 1.6 1.1 1.4 1.2
Compensation of Employees 3.7 5.2 3.9 5.2 5.3 5.0
Unit Labour Costs * 2.5 3.1 1.5 1.7 2.1 2.1
Real Unit Labour Costs -0.3 -0.2 -0.3 -0.9 -0.2 -0.3

* Hours worked basis

Table 5 - Number (000's)
As at March Quarter 2011
Actual		 2012
Estimate		 2013
Forecast		 2014
Forecast		 2015
Forecast		 2016
Forecast
Total Population 4,403 4,430 4,467 4,514 4,556 4,595
     Natural Increase 34 31 33 28 30 29
     Net Migration 6 -3 5 19 12 10
     Annual Change 41 27 37 47 42 39
Working Age Population      3,458 3,482 3,516 3,556 3,594 3,630
     Annual Change          46 25 33 40 38 36
Not in the labour force (s.a.)     1,083 1,096 1,111 1,126 1,136 1,143
     Annual Change          -7 13 16 14 10 7
Labour Force (s.a.) 2,367 2,378 2,397 2,424 2,453 2,482
     Annual Change          53 11 19 27 29 29
Total Employment (s.a.)           2,211 2,228 2,260 2,298 2,331 2,366
     Annual Change          38 17 33 37 34 34
Unemployment (s.a.)             155 151 137 127 121 116
     Annual Change          13 -4 -14 -10 -5 -5
Participation Rate (% s.a.)    68.6 68.3 68.2 68.2 68.2 68.4
Unemployment Rate (% s.a.)     6.6 6.3 5.7 5.2 5.0 4.7

s.a - seasonally adjusted

Source: Statistics New Zealand, The Treasury

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