In May Priority One chief executive Nigel Tutt highlighted findings of the region’s latest quarterly economic data.
According to Tutt, the economic results show Tauranga and the Western Bay of Plenty region remain in good economic shape, despite the impacts of inflation, higher interest rates and a weaker kiwifruit season.
“While we might have expected some downturn, given the signalling by Government and the Reserve Bank, there has not been much evidence of that to date, both locally or nationally, with economic growth for Tauranga and Western Bay of Plenty at 3.9% vs the national rate of 2.9% for the latest quarter. The job market is still strong, with all employment indicators either the same or stronger quarter on quarter”, he noted.
“Relatively strong economic data across the country means that we can expect inflation to stick around and monetary policy to be tight. While businesses will be more cautious than before due to harder conditions, the tight employment market and its effect on staff attraction and retention should be at the forefront of business thinking.”
Related: Priority One: Talented women leading Bay of Plenty priorities
