New Zealand economy advanced 0.9 percent in the last quarter of 2013, slowing from a revised 1.2 percent in the previous three-month period. Strong growth in manufacturing was not enough to offset a drop in architectural and engineering services and a fall in dairy and livestock production.
The main movements by industry were recorded for manufacturing (up 2.1 percent), driven by increased activity in food, beverage, and tobacco manufacturing. Wholesale trade rose 3.2 percent due to increased machinery and equipment wholesaling.
Business services went down 2.1 percent, as architectural and engineering services fell for the first time since the June quarter 2012 and agriculture, forestry, and fishing fell 2.0 percent, mainly driven by a fall in dairy and livestock production.
Year-on-year, the economy advanced 3.1 percent in the December 2013 quarter.
Economic activity for the year ended December 2013 was up 2.7 percent.
3/19/2014 10:00:57 PM