The annual rate of immigration has come down in the second consecutive month for New Zealand. This clearly shows poor recovery on the economic front. In the last twelve months, the arrivals for permanent residents were much more than the departures by 20,973. This is as per the Statistics New Zealand. This number has down to 21,618 this year.

Bill English, the Finance Minister for New Zealand said that the usual boom that is required to move out of immigration is not being experienced as of now. With this, there are less number of migrants coming in with the increased rate of unemployment and stringent credit rates in between. These are restricting the domestic demand which is making it hard for the Central Bank to raise the rate of interest.

Additionally, the rate of housing has gone down by 12% as per the figures of the Real Estate Institute. With the current unemployment rate of 7.3% is the highest in the last 10 years.

The immigrant arrivals dropped by 5.1% where as departures permanent in nature saw a drop by another 22%. At this stage, it can truly be said that immigration is at a major turning point in the nation. The country saw the highest in the last five years in January and then a sudden drop. More so, not many citizens of New Zealand who are residing abroad are returning back.