Business survey shows 'green shoots'

Marlborough’s economy relatively reflected the New Zealand wide pattern for 2024, according to Infometrics statistics ND the Marlborough Chamber of Commerce’s December Business Survey.

The announcement last Tuesday at Lansdowne Park Hub saw business optimism rise for an end-of-year bounce continuing into 2025, signifying green shoots of growth for the region as the country saw a 0.7% GDP rise.

And while local industries like forestry, construction and wine faced difficulties for a variety of reasons, Marlborough Chamber of Commerce Regional Business Partnership Advisor Rose Ryan says the shoots of growth show positive signs across the regional economy.

“There was a significant degree of optimism - about 40% of businesses reported that their sales revenue had increased from 2023, and they expected this trend to continue into 2025.

“Recent economic forecasts and bank predictions indicate a turnaround at the end of last year, often referred to as the “green shoots of recovery.”

“Although the growth is expected to be slow, it is still an increase, and the survey results reflect people are starting to feel more positive about the future.”

“Forestry export revenue has declined significantly, and the construction industry has struggled nationally, compounded by major project cancellations.”

“The wine industry presents a mixed picture, with premium wine producers and those who focus on innovation and investment doing well, while the high-volume segment faces difficulties.”

However, the Chamber’s predictions can only be as accurate for contribution businesses, and Rose says that the more businesses that are involved in the next survey – yet to be announced - the more accurate their analysis can be which impacts future decision-making.