Hon GRANT ROBERTSON (Minister of Finance): The GDP figures released last week and today's consumer confidence figures are both indications of the global challenges that are facing the New Zealand economy. Stats New Zealand reported last week that GDP edged down by 0.2 percent in the March 2022 quarter. It is worth noting that on an annual basis the economy grew 5.1 percent and is 3.3 percent higher than the pre-pandemic December 2019 quarter. The quarterly decline in GDP was mainly due to exports falling by 14.3 percent compared with the previous December quarter, reflecting the volatile global situation from the pandemic, ongoing supply chain disruption, and Russia's invasion of Ukraine. For the year, though, exports were still up 1.9 percent. Excluding the external sector, the domestic economy remained resilient, led by household spending and business investment. This is a tough period for many households and businesses, but the New Zealand economy is well positioned to deal with these global challenges. Unemployment is at a record low. We are in a strong fiscal position, with debt levels well below those of countries we compare ourselves with and we are one of only a small number of countries with the highest credit rating available from the two leading rating agencies.