Marlborough Region Quarterly economic monitor - March 2020

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Overview

Indicator Marlborough Region New Zealand
Annual average % change
Gross domestic product
2.9%
1.7%
Traffic flow
-0.06%
-0.2%
Health Enrolments
3.3%
2.5%
Consumer spending
2.5%
3.0%
Residential consents
2.7%
9.0%
Non-residential consents
65.4%
-0.4%
House prices*
5.2%
5.9%
House sales
-1.2%
2.0%
Tourism expenditure
2.8%
1.4%
Car registrations
-8.3%
-11.5%
Commercial vehicle registrations
-16.6%
-12.8%
Jobseeker Support recipients
10.1%
11.7%
Level
Unemployment rate
2.8%
4.1%
* Annual percentage change (latest quarter compared to a year earlier)

Overview of national economy

The COVID-19 pandemic has upended the economy and plunged New Zealand into the sharpest recession in living memory. The March quarter includes the full progression of the virus, from its origins in China and subsequent hit to New Zealand exports, through to border closures forcing lower tourism arrivals, before culminating in the lockdown of New Zealand under Alert Level 4. Our March 2020 Quarterly Economic Monitor only captures the initial economic effects of putting the New Zealand economy on life support. The June Monitor will better reflect activity changes. No sector of the economy will be spared, with the regional impacts dependant on the local economic structure – Infometrics is now forecasting the loss of 250,000 jobs nationally over the next year, followed by a long period of restructuring the economy.