Economic Growth or the Treasury's Improved Economic Performance Outcome
Page updated 5 May 2008
Improved economic performance is one of Treasury's three outcomes. Through our work in this area we aim to grow the economy and increase living standards for New Zealanders.
The Treasury's other outcomes are Macroeconomic Stability and Improved State Sector Performance.
Economic growth is the most fundamental indicator of an economy's health – the rate at which a nation’s income is growing. It is measured by the annual percentage change in gross domestic product (GDP) – the market value of all goods and services produced by a country in a certain period.
Economic growth has a vital role in increasing New Zealanders’ living standards. Through its economic transformation theme, the Government is aiming to improve the quality of life for all New Zealanders by creating a high-income, knowledge-based market economy.
Our Role
The Treasury provides a unique ability to give an overall perspective on economic growth by incorporating analysis of institutions, macroeconomics, microeconomics, and the economy as a system, complemented by the contribution of other government agencies. Such ongoing monitoring of the economy’s performance helps the Treasury fill one of its primary roles - to advise the Government on significant economy-wide issues that matter most for New Zealand’s economic performance.
To find out more about our objectives and priorities concerning economic growth, please refer to the Improved Overall Economic Performance section of the Treasury’s Statement of Intent 2007-2010.
How Are We Doing?
The following are useful sources of information on New Zealand’s current economic growth:
Economic and Fiscal Updates
At least twice a year, the Treasury produces economic forecasts in its Economic and Fiscal Updates. Information provided in each update includes forecast movements in gross domestic product (GDP), consumer prices, unemployment and employment, and the current account position of the balance of payments.
Tax Outturn Data
Tax Outturn Data are tables of monthly tax revenue and receipts (see the Glossary of Tax Terms to understand the difference). Tax outturns are among the earliest data available about the state of the economy.
Economic Indicators
Monthly Economic Indicators (MEI) are a regular stock-take of economic data releases prepared by the Treasury. The MEI comprises a commentary on the major data releases over the previous month and an annex with more detailed charts and source data.
Growth Through Innovation: Economic Development Indicators 2005
Economic Development Indicators 2005 was a joint project between the Ministry of Economic Development and the Treasury. The report shows New Zealand’s progress towards economic goals by benchmarking its performance against those of other countries in the Organisation for Economic Co-operation and Development (OECD).
Economic Overview
The New Zealand Economic and Financial Overview 2008 publication produced by the New Zealand Debt Management Office in the Treasury contains a comprehensive overview of the structure and performance of the New Zealand economy. The chapter titled The Economy of New Zealand is a useful summary, updated annually.
For an overview of recent work done by the Treasury on economic growth, see the Outcome Contribution section of our latest Annual Report.
Economic Statistics
Statistics New Zealand publishes the New Zealand Official Yearbook which includes statistics on the New Zealand economy.
The Reserve Bank of New Zealand publishes statistics for economic indicators, including the Consumer Price Index (inflation).
Research
Treasury Working Papers and Policy Perspectives Papers are commissioned as part of our core function in developing and providing advice to the Minister of Finance. Many of these papers cover issues related to economic growth and can be found in the Working Papers section of this website.
Speeches
Treasury’s senior management, including the Secretary to the Treasury, regularly attend speaking engagements where they present on topics related to the Treasury’s work programme, including economic growth. Notes from these engagements can be found in the Speeches section of this website.