New Zealand GDP Growth Slows to 0.3% QoQ in Q1

In the first quarter of 2013, New Zealand economy expanded a seasonally adjusted 0.3 percent over the previous quarter, after a rise of 1.5 percent in the last three months of 2012. While the Canterbury rebuild boosted activity for construction and related services, the 2013 drought hit milk production.

The industries with the largest contributions to growth were Business services (up 3.9 percent), driven by architectural and engineering services in Canterbury and Auckland and Construction (up 5.5 percent), due to residential building and associated construction services activity in Canterbury.

Partly offsetting these increases were declines in Agriculture (down 4.7 percent), due to dry weather in the quarter, which meant that dairy stock were dried off early resulting in lower milk production.

Information media and telecommunications  went down 3.1 percent, due to declines in call minutes between December and March.

Economic activity for the year ended March 2013 was up 2.5 percent.

The expenditure measure of GDP was also up 0.3 percent in the March 2013 quarter. The main features of this growth were Household expenditure that rose 0.4 percent. This has not fallen since the March 2009 quarter, and has grown 10.1 percent over that time. 

Investment in fixed assets rose 0.3 percent, with a rise in residential building partly offset by a fall in plant and machinery investment.

New Zealand GDP Growth Slows to 0.3% QoQ in Q1

Statistics New Zealand | Joana Taborda |
6/20/2013 1:21:46 PM