The economy has received a boost from an increase in the numbers of people emigrating to New Zealand.
21 July 2009
Economy improvement caused by increase in people emigrating to New Zealand
New Zealand’s annual immigration growth accelerated to the highest level in more than two years in June, adding to signs that consumer spending and demand for housing may speed the economy’s recovery from a recession.
Statistics New Zealand said in a report released yesterday in Wellington that the number of permanent arrivals emigrating to New Zealand exceeded departures by 12,515 in the 12 months to June 30.
That New Zealand immigration result is up from 11,202 in the year through May and is the most since the 12 months to February 2007.
The report follows Reserve Bank Governor Alan Bollard's statement said last month that a recovery in New Zealand immigration may bolster spending and help the economy grow in the final quarter of this year, ending seven quarters of recession.
The increase in New Zealand immigration has been stoked by fewer New Zealanders heading overseas.
“Migration is a positive for the economy and will provide support to both the housing market and spending,” said Philip Borkin, economist at ANZ National Bank Ltd. in Wellington. “Migration is a reason, along with signs of stabilization in other pockets, that suggest the Reserve Bank is on hold.”
Permanent departures fell 5.9 percent in the year ended June 30, the statistics agency said. Departures dropped 27 percent in the three months to June 30 from a year earlier.
Analysts monitor a monthly, seasonally adjusted series to determine the pace of immigration. In June, a net 1,740 migrants arrived compared with 2,580 in May, the agency said. Monthly arrivals fell to the lowest level in more than a year.
The New Zealand Visa Bureau is an independent consulting company specialising in helping people wanting to emigrate to New Zealand.