Truth is the first casualty when Bill English tries to reinvent economic history.
This afternoon at question time Bill English claimed that the NZ economy has grown more in the last 9 months than it did in the full four years from Sept 05 – Sept 09.
The figures compare growth rates between quarters as opposed to annual changes.
English claims growth between the Sept 2005 and 2009 quarters was 1.0%, and 1.7% between September 2009 and June 2010.
English’s figures aren’t cumulative and so aren’t particularly representative of what happened.
When you compare GDP annual figures you get different results:
For the years ending Sept 2005 to Sept 2009: GDP growth was 2.5%.
For the years ending Sept 2009 to June 2010: GDP growth was 1.1%.
If you take a more representative time period of years ending Sept 05 – Dec 08 then the GDP increased by 4.4%.
Point is, here we have a Minister of Finance who repeatedly shows he is willing to twist, misuse and abuse data for political point scoring.
New Zealand deserves better than that!