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Senior citizens growing part of New Zealand economy

Xinhua, June 23, 2015 Adjust font size:

New Zealand's rapidly aging population is set to become a significant part of the national economy over the next 35 years, according to a government report out on Tuesday.

The report from the Ministry for Social Development said the number of people aged over 65 would double from 650,000 now to 1.2 million people by 2035.

And by 2051, seniors would spend around 65 billion NZ dollars a year (44.54 billion U.S. dollars), up from 14 billion NZ dollars ( 9.59 billion U.S. dollars) in 2011, and pay total tax of 17 billion NZ dollars (11.65 billion U.S. dollars), up from 3.6 billion (2.46 billion U.S. dollars).

Senior Citizens Minister Maggie Barry said in a statement on the release of the report that older New Zealanders were projected to make a bigger contribution to the economy than previously thought.

"Seniors put billions of dollars into our economy each year, and their importance will only grow as our population ages," Barry said.

"In future they will stay in the workforce longer, give more of their time to the community, and become a powerful consumer base. Seniors are a positive force for change and should be seen as such, " she said. Endit