In recent years, New Zealand has offered a high number of job opportunities to prospective migrants. While there are still plenty of opportunities out there, the numbers are falling.

• New Zealand’s economy has shrunk - gross domestic product fell 0.3% in the March 2008 quarter says Statistics NZ
• NZIER’s Quarterly Survey of Business Opinion (QSBO) for the June 2008 quarter reveals a worrying combination of slow growth and strong inflationary pressures.
• Business activity is falling. A net 18% of firms report a decline in their own activity.
• Looking ahead, business are expecting demand to keep falling. A net 18% expect their trading activity to fall in the next three months.
• These activity figures are the most gloomy seen since June 1998 and December 1982.
• A net 54% of businesses expect the general situation to deteriorate in the next six months.
• The good news (for businesses) is that they are finding it easier to find workers because more workers are on the market as companies reduce staffing levels.
• A net 3% of firms have cut back on staff in the past three months.
• A net 6% of firms intend to decrease staff over the next three months.

Expectations of less work were also identified by the National Bank of New Zealand’s survey, which found that employment and investment intentions were worsening. The economic ‘highlights’ identified by the Bank of New Zealand are:

• Rising unemployment as firms seek to cut costs by laying off employees.
• Below average net migration inflows currently near half the 10,000 ten year average gain per annum.
• High levels of consumer pessimism.
• Above average interest rates.
• Collapse of finance companies removing an easy source of credit for developers. This will especially hit subdivisions.