1. Question No. 1—FinanceINGRID LEARY (Labour—Taieri) to the Minister of FinanceORAL QUESTIONSQUESTIONS TO MINISTERSQuestion No. 1—Finance1. INGRID LEARY (Labour—Taieri) to the Minister of Finance: What recent reports has he seen on the New Zealand economy?Hon GRANT ROBERTSON (Minister of Finance): This is a tough period for New Zealand and for the global economy. However there are signs of the resilience of the New Zealand economy as we navigate a pathway through a difficult and uncertain environment. Stats NZ reported earlier this month that there was a net gain of 77810 people arriving in the year to May. The number of arrivals stood at 181100 the second-highest on record for an annual period since the March 2020 year. That more than offset the departures of 103300. Of the 181100 who arrived 85 percent were non - New Zealand citizens. Our immigration reset is working and it is attracting overseas workers with the skills that businesses require to rebuild the economy.Ingrid Leary: What reports has he seen on tourism and its impact on the economy?Hon GRANT ROBERTSON: Stats NZ also reported that overseas visitor arrivals were 160300 in the month of May up 87600 from the same month a year earlier. That level was around 73 percent of the pre-COVID number in May 2019. On an annual basis overseas visitor arrivals rose to 2.45 million. With the FIFA Women's World Cup now under way the tournament is providing a boost to the tourism and hospitality industries during July and August which are traditionally quieter months for the sectors. We expect to welcome more than 25500 international visitors to New Zealand for the games being held here with two-thirds of visitors coming from the United States. In addition to this FIFA is estimating that around 70000 New Zealanders are traveling around the country to attend matches.Ingrid Leary: What other reports has he seen on the economy?Hon GRANT ROBERTSON: Activity in the services sector expanded modestly in June with the BNZ - BusinessNZ Performance of Services Index at 50.1—a reading above 50 indicating that the sector is generally expanding while below 50 that it is declining. Sales and new orders expanded slightly though employment declined for the first time since December 2022. As I said in my earlier answer this is a tough period for many New Zealanders but our economy is resilient and we are building for the long term to deliver higher-wage jobs while also lowering emissions.Ingrid Leary: What reports has he seen on the export sector and its impact on the New Zealand economy?Hon GRANT ROBERTSON: Stats NZ reported yesterday that exports rose 1.3 percent to $6.3 billion in June led by dairy products. On an annual basis exports rose 8.2 percent to $72.8 billion. Looking at New Zealand's key trading partners exports rose by 11.3 percent annually to Australia 11.7 percent to the US and 2.9 percent to China. As I have said previously 2023 is a difficult year for the global economy. However there are reasons to be optimistic including unemployment being at record lows inflation heading in the right direction and public debt levels well below those of the countries with which we compare ourselves. We will continue to carefully and responsibly prioritise our spending without unnecessarily adding to inflation taking a balanced approach that gives New Zealanders choices and flexibility to respond through these testing times.