Page last updated at 13:01 GMT, Thursday, 5 November 2009

New Zealand jobless rate worsens

Wellington, New Zealand
New Zealand's economy is ' different to Australia's' says the central bank

New Zealand's unemployment rate hit a nine year high of 6.5% in the July to September period, as the economy shed 17,000 jobs in the third quarter.

The figures came in a report from the country's central bank in which the governor, Alan Bollard, warned of a slow and vulnerable recovery.

He added that the strengthening New Zealand dollar could hamper the country from coming out of recession.

The currency has surged 25% in the past six months against the US dollar.

Mr Bollard also warned against economic comparisons with Australia.

He said ''Financial markets treat us like Australia, but actually we are quite different. New Zealand has had a recession and the pickup is slower and more vulnerable''

Interest rates are at a record low of 2.5% and borrowing costs are not likely to rise until June next year at the earliest.

Print Sponsor

Profits tumble at Air New Zealand
27 Aug 09 |  Business
New Zealand's slump longest ever
26 Jun 09 |  Business

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Sign in

BBC navigation

Copyright © 2017 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific