NZ economy gets boosted by tourism household spending

Friday, November 18, 2022

In the third quarter of 2022, financial activities have remained prominent, motivated by powerful tourism activity and solid household spending.

Infometrics’ newest Quarterly Economic Monitor emphasized a 2.6 percent increase in yearly provisional monetary activity for the 12 months till September of this year, with a 5.4 percent increase in quarterly financial activity.

As the recent survey compares with the lockdowns due to COVID-19 the year before, it disclosed that there has been powerful local growth, mainly in South Island areas and Auckland.

Infometrics principal economist Brad Olsen said that in 2022, solid regional economic performances strengthen their view that regional economies all over New Zealand are at this moment are well positioned, in front of two years of diminutive growth in 2023 and 2024 as they try to struggle the ill impacts of inflation back under control. Brad added that number of North Island economies have witnessed more controlled growth due to capacity constraints hitting, but continues to witness the most powerful levels of financial activity compared to pre-pandemic times.

The revival of foreign tourism is constant, with greater number of tourist arrivals, strong expenditure related to tourism, and more guest nights.

He said that tourism activity has come back even in a stronger way than first expected, with high number of Australian travellers bolstering activity in the winters and strong inbound travel from North America as well.

« Back to Page

• New Zealand Gears Up for an Unforgettable Summer of Travel and Adventure

• Satopia Travel Reveals Premier New Zealand Luxury Trip for World Travelers

• Radisson RED unveils stylish accommodation options in New Zealand

• Sichuan Airlines revives direct flight route to New Zealand

• New Zealand tourism recovers with 2.96 million overseas visitor arrivals