To many pre-2009, the concept of a "double-dip" was having a second crack at the pate with the same Rivet cracker, which is frowned upon in most social circles.
During the past year we, as a nation, have been forced to become much more "economically aware" and many will now understand
the global economic forces having a direct impact on our economy and our livelihoods.
The term recession - meaning two consecutive quarters of gross domestic product contraction - has now become commonplace understanding and jitters from the fallout of reverting back into a full blown recession have resulted in step-change behaviour in consumer spending.
Deutsche Bank recently forecast the New Zealand economy fell into a double-dip recession in the second half of 2010, which doesn't bode well for pate connoisseurs - nor for us average workers trying to move on from those darker days.
One thing Antipodeans are well known for is our resilience - hence the term Kiwi battler.
Nationally, business had a rough ride in the past couple of years, but I would suggest confidence is returning and, even if we don't pull growth figures much over 3 per cent this year, the collective focus of many regions is on maximising our export potentials, up-skilling and retaining a skilled workforce.
I would encourage businesses to participate in the Rotorua Chamber of Commerce business confidence survey. The greater the participation in such local surveys, the better feel we get for the economy and we can intervene and provide a solid basis for development.
Households have reined in luxury spending, but they are still spending. Saving habits are changing after the fall-out of mass financial institutions in the past few years and the "back to bricks and mortar" investment may well be returning, as the rules around investment properties are being managed into investor portfolios.
Rotorua is in the enviable position of having a diverse economy.
The more concentrated a region's economy is within a few industries, the more vulnerable it is to adverse events, such as climatic conditions and commodity price fluctuations.
The Tress index is used to indicate economic diversity.
An index of zero represents a diversified economy with economic activity evenly spread across all industries.
The higher the index, the more concentrated economic activity is in a few industries.
In 2010, Rotorua had a Tress index value of 72.4 from a possible 100.
This puts the city at number 6 of New Zealand's 72 territorial authorities when ranked from most to least diverse.
Since 2000, Rotorua's Tress index has decreased from 74.1 indicating an increase in industrial diversity, which is great.
As we grow and diversify our economy, the higher up the Tress index ranking Rotorua will go, ultimately demonstrating Rotorua is the place where "living the dream" is possible and there is a platform to deliver a "world-class" living, investing, learning and playing culture we can be all proud of.
- Grant Kilby is the general manager for Destination Rotorua Economic Development
