Satish Ranchhod, senior economist at Westpac, points out that the New Zealand’s annual net migration is continuing to cool as Stats NZ estimates that a net 2,480 people entered NZ on a permanent or long-term basis in November 2018, down from 3,500 in October, with a rise in departures offsetting increased arrivals.
Key Quotes
“In annual terms, net migration has fallen to 43,000, down from 45,000 last month. It is well down from the peak of around 65,000 in 2016.”
“Previous estimates indicated that permanent and long-term net migration was adding 72,000 per annum to the population at its peak, and had since slowed to around 60,000. The updated estimates show that permanent and long-term migration has been 10,000 to 20,000 people lower per annum. That’s a large difference.”
“Looking at the broader trend in migration, it’s clear that net flows are well off their earlier highs and are continuing to ease. As we have previously noted, this is a key reason we expect potential growth to take a step down over the next few years.”
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