1. Economy—Growth Outlook GDP per Capita and ExportsCHRIS BISHOP (National) to the Minister of FinanceORAL QUESTIONSQUESTIONS TO MINISTERSEconomy—Growth Outlook GDP per Capita and Exports1. CHRIS BISHOP (National) to the Minister of Finance: What reports has he received on growth in New Zealand's economy?Hon STEVEN JOYCE (Minister of Finance): Last week Statistics New Zealand released the GDP figures for the March quarter which showed the economy grew by 0.5 percent in the first 3 months of this year taking our growth rate for the year to 3 percent. Growth in the quarter was across 11 of 16 industries including agriculture forestry and fishing up 2.8 percent; manufacturing up 1 percent; retail trade and accommodation up 1.8 percent; and healthcare and residential care up 1.6 percent. They were partially offset by weaker growth in the transport and construction sectors. Construction fell in the quarter by 2.1 percent but the annual construction figure increased by 9.3 percent over the year.Chris Bishop: How is the March GDP figure expected to affect growth forecasts?Hon STEVEN JOYCE: When assessing the state of the economy and economic growth you have to be able to look through individual quarters up and down. This particular quarter was softer than expected but the forward-looking indicators suggest there will likely be a pick-up in June—for example the performance of services index rose 5.6 points to 58.8 in May and the services sector of course accounts for about two-thirds of the economy. Also the performance of the manufacturing index for May has also expanded to 58.5 which is its highest level since January 2016. Other economic data released last week showed that the balance of payments was at 3.1 percent and the international liability position is down again to 58.5 percent of GDP.Chris Bishop: What feedback has he received on the Government's economic plan?Hon STEVEN JOYCE: A key priority of the Government's plan is to deliver stable economic growth so that businesses and investors can make positive long-term decisions about their future. That plan was endorsed last week by the OECD which noted New Zealand's strong economic growth and sound Government finances. Of course there are also areas where they recommend we can further improve as we always can and many of the recommendations made by the OECD are in areas where we already have significant work under way. The Government's ongoing Business Growth Agenda will continue to make policy adjustments to ensure that economic growth continues strongly into the future.Chris Bishop: What is the market's view of New Zealand's medium-term economic outlook?Hon STEVEN JOYCE: The market's view is strong in terms of New Zealand's economic perspective performance. The banks are optimistic—Rt Hon Winston Peters: I raise a point of order Mr Speaker. This Minister might have some ability and some responsibility but one of them is not the market's view of the economy.Mr SPEAKER: When you are asking questions to the Minister of Finance he of course has a view and listens with great interest to commentary from financial—Rt Hon Winston Peters: I raise a point of order Mr Speaker.Mr SPEAKER: Order! The member will resume his seat. Before I call the member he is perfectly entitled to raise a fresh point of order but it must be a new matter. I have ruled on that matter and I do not want any dispute on that.Rt Hon Winston Peters: Your ruling was that he was entitled to express his—Mr SPEAKER: Order! I told the member—[Interruption] The member will be leaving the Chamber very quickly if he wants to ask his two questions. I have ruled on that matter and the Minister can answer the question.Hon STEVEN JOYCE: I am just recovering from the Rt Hon Winston Peters saying I have some ability. Looking across the economic commentary the major banks are looking through the March GDP number and looking at the year ahead. Banks are optimistic about the prospects for the economy with inflationary pressures expected to remain muted through the rest of the year. The pace of economic growth is expected to remain at 3 percent for this year and the longer-term track expected by Reserve Bank Treasury and the major banks is for a positive 3 percent - plus growth in the years ahead. I appreciate the Opposition hates that but then—Mr SPEAKER: Order! That part is not necessary to the answer.Grant Robertson: Can he confirm that last week's data showed the second consecutive fall in real GDP per capita and the third consecutive quarterly fall in exports of goods and services in real terms?Hon STEVEN JOYCE: I cannot confirm the latter one for the member although I can confirm for him that the balance of payments is actually 3.1 percent which is significantly lower than—Grant Robertson: I raise a point of order Mr Speaker. [Interruption]Mr SPEAKER: Order! [Interruption] Order!Grant Robertson: The Minister has been able to answer a number of questions in significant detail about the material that was produced last week. Real GDP per capita and exports were within that. If he genuinely does not have that information that is the end of his answer and the rest of it is completely unnecessary.Mr SPEAKER: Order! And the member on this occasion is right. The Minister right at the start said he could not confirm that but then I heard the member himself interjecting asking for the Minister to answer the question. He cannot have it both ways but the question has certainly been addressed by the Minister saying he cannot confirm that information. Hon STEVEN JOYCE: Sorry Mr Speaker—Mr SPEAKER: Is this a point of order? Hon STEVEN JOYCE: Well just speaking to the point of order I had not got the chance to get to one half of the question which I do have the information—Mr SPEAKER: No no. I have listened to the Minister and again he answered the question right at the start by simply saying he did not have the information. Question No. 2—[Interruption] Order! [Interruption] Order! Sorry to interrupt the member. I certainly do not want the continuation of interjections coming from the front bench of the National members.