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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World NZ recovery may not be sustainable - Treasury Reuters - Monday, December 7 Send IM Story Print WELLINGTON, Dec 7 - New Zealand's economic recovery may struggle to retain momemtum as indicators point to weak domestic demand, the Treasury Department said on Monday. While a string of recent data, including higher house sales, retail sales, migration gains and building consents, had shown a lift in activity, the labour market and domestic demand remained weak. "There are risks around the sustainability of the economic recovery, as shown by the sharp decline in imports that indicates further subdued consumption and investment," the department said in its monthly commentary on economic indicators. Weak domestic demand led to further narrowing in the merchandise trade deficit in October, as a sharp fall in imports outweighed a decline in exports, bringing the annual trade deficit to the smallest since 2002. In a separate statement, Finance Minister Bill English said the report confirmed there were risks surrounding the recovery. "There are some positive signs as we emerge from the recession, but the road to recovery will be bumpy," English said. He added that a fall in capital goods imports in the past year pointed to weak business investment activity in the coming year, in addition to weak employment and salary and wage growth. Last week, English said the government's fiscal position would reflect the impact of the recession on the tax take for some time to come after a worse than expected deficit in October. The Treasury report said it could be up to two years before company tax revenue started to reflect the improved economy. Updated government economic and fiscal forecasts will be released on Dec. 15. New Zealand posted growth of 0.1 percent in the three months to June 30 after five consecutive quarters of contraction. The economy shrank 1.8 percent in the year to June 30. A Reuters poll has a preliminary median forecast for GDP to increase by 0.4 percent during the September quarter, the second straight quarter of expansion. The Reserve Bank of New Zealand is expected to keep interest rates at record lows this week and reaffirm its stance of keeping them there at least until July to help tame expectations of an early end to its easing cycle, the Reuters poll showed. [NZ/POLL] Recommend Send IM Story Print Related Articles Xinhua: China plans to keep stimulus, easy credit AP - 1 hour 15 minutes ago Heineken to push in India, reorganise in Asia Reuters - 1 hour 15 minutes ago Japan Fujii tells W.Bank wants stronger dlr-Jiji Reuters - 1 hour 19 minutes ago China says to keep accommodative economic policy Reuters - 1 hour 20 minutes ago Bank Muscat says Dubai exposure won't affect Q4 net Reuters - 1 hour 22 minutes ago News Search Top Stories 'I'm A Celebrity' TV stars charged over rat risotto Unbeaten NFL Saints get a scare but keep up with Colts British banks face tax on bonuses: reports Fake drugs trade on the rise: EU Tough times force OPEC members to close ranks More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended British royals warn newspapers over paparazzi shots Hundreds protest New York 9/11 trial UAE stocks recover after Dubai debt crisis losses Saudi hails 'perfect' oil price, stable market Tiger's woes played for TV laughs in spoof More Most Viewed » Global stocks mixed amid Dubai debt crisis Tiny magnetic discs could kill cancer cells: study Alcohol helps cut heart disease risk for men: study Mankind using Earth's resources at alarming rate Dubai blackout over debt plans to hit Gulf markets More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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