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Table 4 - Labour market indicators

Annual Average Percentage Change
March Year 2012
Actual 		2013
Forecast		 2014
Forecast		 2015
Forecast 		2016
Forecast		 2017
Forecast
Real GDP (production basis) 1.9 2.5 2.4 3.0 2.6 2.2
Working Age Population 1.0 0.8 1.0 1.1 1.1 1.1
Labour Force 1.3 0.0 0.9 2.1 1.2 0.8
Employment 1.4 -0.5 1.5 2.7 1.4 1.2
Labour Productivity* 0.7 3.2 0.0 0.8 1.4 1.1
CPI  (annual percentage change) 1.6 0.9 1.9 2.0 2.0 2.2
Average Ordinary Time Hourly Wages 3.2 2.6 2.7 2.5 2.5 3.2
Average Weekly Earnings 3.6 2.9 2.3 2.0 2.3 3.1
Real Wages -0.1 1.7 1.2 0.5 0.6 1.0
Compensation of Employees 4.0 2.9 3.9 4.7 3.8 4.4
Unit Labour Costs (Hours worked basis) 2.5 -0.6 2.7 1.7 1.1 2.1
Real Unit Labour Costs -0.8 -1.5 1.2 -0.2 -0.8 -0.1

* Hours worked basis

Number (000's)
As at March Quarter 2012
Actual 		2013
Forecast		 2014
Forecast		 2015
Forecast		 2016
Forecast		 2017
Forecast
Total Population 4,431 4,461 4,502 4,544 4,587 4,629
     Natural Increase 31 29 29 31 30 30
     Net  Migration -3 1 12 12 12 12
     Annual Change 28 30 41 43 42 42
Working Age Population 3,482 3,511 3,549 3,590 3,629 3,667
     Annual Change     26 30 38 40 40 38
Not in the labour force (s.a.)     1,093 1,145 1,131 1,128 1,145 1,162
     Annual Change     2 52 -14 -2 17 17
Labour Force (s.a.) 2,389 2,367 2,419 2,462 2,485 2,505
     Annual Change     24 -22 52 43 23 20
Total Employment (s.a.)      2,229 2,203 2,273 2,316 2,347 2,374
     Annual Change     20 -26 71 43 30 27
Unemployment (s.a.)        160 164 145 145 138 131
     Annual Change     5 4 -18 0 -7 -7
Participation Rate (%sa)    68.7 67.4 68.1 68.6 68.5 68.3
Unemployment Rate (%sa)     6.7 6.9 6.0 5.9 5.5 5.2

Source: Statistics New Zealand, The Treasury

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