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.



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