Immigration levels in New Zealand reach another high record

The increasing immigration levels to New Zealand that have fuelled the strong growth of its economy are showing no signs of going down. The statistics for the immigration year till January 2017 reveals that there has been a net increase of 71, 300.

This is a record for the twelve-month period and it is for the first time in immigration history of the nation that the immigration numbers have crossed 71,000, as reported by the NZ Herald.

It has also been pointed out by Daniel Snowden, an economist from ASB that this is also a new monthly record with 6460 total arrivals for the month of January. This was also the fifth consecutive month in which the immigration numbers crossed 6000.

The Government of New Zealand along with several economists contends that higher immigration levels are a sign of the success of the nation and it contributes immensely to the growth of the economy.

The current growth rate of New Zealand’s economy is 3% and this is further expected to increase. Nevertheless, on the basis of per capita considering the huge population increase, growth would be more around 1%.

The report of the New Zealand Initiative published last month remarked in the conclusion that economic concerns regarding immigration were exaggerated. It contended that the influence of immigrants on unemployment and real estate prices was marginal while their value addition to the economy was greater on an average when compared with the citizens.

Meanwhile, the report also noted that fast growth in the population was a pressure on the infrastructures such as schools and roads. But Snowden of the ASB also noted that returning citizens of New Zealand were not the key drivers of the increase as net 385 citizens of New Zealand in fact departed from the nation.

This was in contrast to the trends of last few months wherein returning citizens of New Zealand were the chief reason for increasing net immigration. Nevertheless, the Australians expressed laxity with net 633 people making choice of New Zealand over Australia.

Satish Ranchhod a senior Westpac economist said that it was expected that net immigration flows are expected to remain strong for a while now. The positive labor market and surging economy of New Zealand make it an attractive destination, added Ranchhod.

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