Kōrero: National income and GDP

Prices for grocery products 1972 and 1975

Prices for grocery products 1972 and 1975

In 1972 all these products could have been bought for $4.58. By 1975 the same goods cost $6.56. The rise in numerical value from $4.58 to $6.56 was purely a price change. Inflation also leads to higher wages and salaries, so the actual cost to the consumer may not have changed much at all. The high inflation of the 1970s and 1980s resulted in vaulting price increases, but in volume terms growth in the gross domestic product (GDP) was small.

Te whakamahi i tēnei tūemi

Alexander Turnbull Library, Dominion Post Collection (PAColl-7327)
Reference: EP/1975/3245/13a

Permission of the Alexander Turnbull Library, National Library of New Zealand, Te Puna Mātauranga o Aotearoa, must be obtained before any re-use of this image.

Ngā whakaahua me ngā rauemi katoa o tēnei kōrero

Te tuhi tohutoro mō tēnei whārangi:

Jeff Cope, 'National income and GDP - Growth in GDP', Te Ara - the Encyclopedia of New Zealand, http://www.TeAra.govt.nz/mi/photograph/23581/prices-for-grocery-products-1972-and-1975 (accessed 3 July 2022)

He kōrero nā Jeff Cope, i tāngia i te 11 Mar 2010