New Zealand GDP Expands 1.0% QoQ in Q1

The New Zealand economy advanced at a seasonally adjusted 1.0 percent quarter-on-quarter in the first three months of 2014, unchanged from a revised 1.0 percent increase in the previous quarter. The construction sector posted the largest gain in fourteen years, being responsible for two-thirds of GDP growth this quarter.

Construction activity grew 12.5 percent, due to large rises in residential and non-residential building. Building activity in Canterbury and the rest of the country both increased this quarter. Manufacturing activity was flat this quarter. Petroleum, chemical, plastic, and rubber product manufacturing was up 5.4 percent, driven by increased production at Methanex. 

Mining activity increased 6.3 percent, and agriculture sector increased 1.2 percent.

Spending by New Zealand households was flat, while spending by tourists increased 7.7 percent. Higher tourist spending also drove an increase in exports of travel services, which contributed to a 3.1 percent rise in exports.

Year-on-year, the GDP expanded 3.8 percent, the highest rate since the fourth quarter of 2007.

New Zealand GDP Expands 1.0% QoQ in Q1

Statistics New Zealand | Isabel Felino |
6/19/2014 11:19:56 AM