The New Zealand economy is more or less stagnant and is likely to remain subdued in the near term, BusinessNZ's planning forecast report showed Tuesday.
Falling external demand due to the global economic downturn is seen impacting the New Zealand economy. Also, future projections for the country's dairy sector, a major contributor to the national economy, are muted.
The report said that the positive outcome of the Christchurch rebuild and the housing upturn in Auckland are not being reflected in aggregate employment or output growth.
"For now, uncertainty is the new certainty," BusinessNZ economist John Pask said.
by RTT Staff Writer
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