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. Construction and services drove the expansion while mining contracted for the third quarter.

The services sector rose 0.7 percent (0.9 percent in Q1), boosted by rental, hiring and real estate activities (1.3 percent compared to 0.3 percent); retail trade and accommodation (1.9 percent compared to 1.4 percent); arts and recreation (1.8 percent compared to 0.5 percent) and health care and social assistance (1.3 percent compared to 2.7 percent). In contrast, activities fell for transport, postal and warehousing (-0.3 percent compared to 1.3 percent); information and telecommunications (-0.3 percent compared to 1.4 percent) and public administration and safety (-1.2 percent compared to 0.9 percent).

The construction sector surged 5 percent (5.1 percent in Q1), manufacturing rebounded (0.8 percent compared to -0.3 percent) and agriculture expanded at a faster 1.4 percent (0.7 percent in Q1). In contrast, mining sharnk for the third straight quarter (-2.5 percent) and utilities output declined 0.3 percent (1.7 percent in Q1).

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.

New Zealand GDP Advances 0.9% QoQ in Q2

Statistics New Zealand | Mojdeh Kazemi |
9/15/2016 10:18:03 AM