New Zealand GDP Advances 0.9% QoQ in Q2
New Zealand economy expanded a seasonally adjusted 0.9 percent in the second quarter of 2016, following an upwardly revised 0.9 percent gain the in previous quarter and missing market expectations of a 1.1 percent growth, driven by construction and services sector.
The services sector rose 0.7 percent in the June quarter of 2016, mostly due to a 1.3 percent growth in rental, hiring, and real estate services and a 1.9 percent exansion in retail trade and accommodation. Construction advanced 5 percent, manucaturing rose 0.8 percent and agriculture exanded by 1.4 percent.
The expenditure measure of GDP increased to 1.2 percent in the three months to June, following an uwardly revised 0.7 percent growth in the first quarter. Exports rose 4 percent and imports went up 2.6 percent. Household spending increased 1.9 percent, while investment in residential building; transport equipment; and plant, machinery, and equipment jumped 3.1 percent.
Year-on-year, the economy advanced 3.6 percent in the June quarter of 2016, following an upwarldly revised 3 percent growth in the previous period.