This report was commissioned by Venture Taranaki Trust to provide an overview of the Taranaki region economy. It looks at the historical growth of industries in the region to 2006, with a more in-depth analysis of key industry sectors. It then provides employment and GDP projections by industry to 2026.

The key industries that drive the Taranaki economy are the oil and gas, and agriculture sectors, and their associated secondary industries such as food processing and engineering. As such, the region employs a far larger proportion of workers in these industries than New Zealand.

Taranaki has achieved steady rises in employment and GDP in the region over the last five years despite flat population growth. Based on the region’s industry structure, the report's authors BERL project the Taranaki economy to grow at a faster rate than nationally over the next 20 years.

Particularly strong gains in GDP are expected in oil and gas; business, finance and property services; engineering; other manufacturing; and wholesale and retail trade. These five industries will contribute 83 percent of the increase in GDP in the region over the next 20 years.

Employment is expected to grow by 2.0 percent per annum to 2026, while labour productivity gains could see GDP grow by 4.7 percent per annum.