Taranaki finished 2001 with an annual growth rate of 4.2% - the highest in 6 years - and ahead of the national average of 3.4%. Twelve months previously, our annual growth was much lower at 0.8%.
Business also finished the year in good heart. Taranaki's business confidence topped the country for the third consecutive quarter, ending 2001 at 24.1%. One year ago, business confidence was much lower at -0.32%.
2002 looks set to be another year of optimism, activity and progress. Major projects in the energy industry will undoubtedly be a key driver, along with continued optimism in the dairy industry, and the performance of Fonterra.
There are also new sunrise industries gathering momentum - such as the boat and yacht building industry within the region. All-in-all, the short to medium term prospects for Taranaki look bright.
Looking further ahead, Venture Taranaki commissioned the New Zealand Institute of Economic Research (NZIER) to independently assess the long-term economic outlook of Taranaki. The results reinforced some key promising opportunities and challenges for the region.
The report anticipates Taranaki's GDP will increase 28% by the year 2021, from an estimated $2.5 billion to $3.2 billion. Key drivers for this activity will continue to be the primary and manufacturing industries. Depending on the outcome of major potential projects, our regional growth prospects could be even higher.
The major limiting factor to Taranaki's growth is anticipated to be the region's population base - should the trend of gradual decline continue. A key resolution for the coming year must therefore be to maximise the opportunities of these more positive times, and provide a welcoming environment for sunrise industries to flourish. Such factors will contribute to a strengthened platform for the future - ensuring Taranaki's future remains bright, for 2002 and beyond.
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