Manufacturing languishes for four years under National

Source: Green Party – Press Release/Statement:

Headline: Manufacturing languishes for four years under National

“There’s no signs of clawing back any of the 40,000 jobs lost in the manufacturing sector since 2008.”

Manufacturing continues to languish under National’s economic management, the Green Party said today.

Statistics New Zealand today released the Economic Survey of Manufacturing for the March 2013 quarter showing manufacturing volumes and sales (excluding meat and dairy) were down this quarter, and that the long-term trend has been flat for the last three years and is ‘well below the levels seen before mid-2008’.

“Outside of the meat and dairy sectors, high value-added manufacturing has languished for four long years under National’s economic management,” said Green Party Co-leader Dr Russel Norman.

“This is not the strong, balanced economic recovery that National promised.

“The Government is not supporting a high value-added export sector that employs large numbers of people on good wages.

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“There’s no signs of clawing back any of the 40,000 jobs lost in the manufacturing sector since 2008.

“The National Government seems to be giving up on rebalancing our economy onto a more sustainable, jobs rich path.”

The New Zealand Institute of Economic Research is forecasting the current account balance – the measure of our outgoings and incomings with the rest of the world – to deteriorate further, hitting 10.5 percent by 2017 or an annual deficit of $25 billion.

“Our widening current account deficit is the single most obvious measure of a country that’s living beyond its means,” Dr Norman said.

“Stubbornly high levels of unemployment are another sign of a recovery that’s leaving many behind.

“This economic recovery looks disturbingly similar to previous economic cycles, which were focused on unsustainable growth in house prices and consumer spending.

“High value-added manufactured exports and import substitution are a key part of economic rebalancing and will drive the creation of well-paid jobs throughout our country.

“Manufacturing can thrive again in a smart, green economy, but it’s going to need a Government that recognises the challenges manufacturers’ face – starting with the high and highly volatile New Zealand dollar – and deliver policies that will help them,” Dr Norman said.

Link to Statistics New Zealand Economic Survey of Manufacturing figures:

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