New Zealand GDP Growth Affected By Construction In Q1
The New Zealand economy advanced 0.5 percent on quarter in the first months of 2017, gaining steam after a 0.4 percent expansion in the previous period but still below market expectations of 0.7 percent, as construction surprised negatively falling 2.1 percent on quarter with all building sectors booking a fall.
Agriculture was the main driver of GDP growth and expanded 2.8 percent following a 0.8 percent contraction in the previous quarter. Mining fell at a softer pace in the first quarter, contracting 1.0 percent after plunging 2.1 percent in the last three months of 2016. Meanwhile, manufacturing rebounded 1.0 percent following a 1.6 percent decline. Utilities also notched a better performance, expanding 2.1 percent following static growth.
Contrastingly, construction dipped 2.1 percent after expanding 1.4 percent in the fourth quarter of last year. All building sectors declined, with non-residential building construction being the key driver. Meanwhile, services expanded at a softer pace of 0.4 percent after growing 0.8 percent in the preceding three months, with transport falling 2.0 percent after a 0.9 percent decline.
Year-on-year growth of 2.5 percent was lower than the 2.7 percent of the previous quarter
6/14/2017 11:18:14 PM