Bay of Plenty Boasts Strong Economy, A New Report Shows.
A new report has revealed the Bay of Plenty’s economy grew faster than the national average in the June year.
Infometrics' June 2022 Quarterly Economic Monitor has shown the Bay's GDP grew 1.6% in the year to June, more than the 0.9% rise in annual economic activity nationally.
High export prices and strong consumer spending were key drivers to the rise. The report noted a driver of the Bay of Plenty’s strong consumer spending was the region’s tight labour market, as a 4% employment growth pushed the unemployment rate to a decade-low 3.9%.
Consumer spending in the region also increased 2.8% in contrast to national consumer spending, which showed no growth over the year to June.
The report also showed, agriculture comprised 9.6% of the region’s production in the March 2021 year. It states that a highly productive agricultural sector is a vital contributor to Bay of Plenty’s high level of economic activity.