The New Zealand economy advanced at a seasonally adjusted 0.7 percent in the second quarter of 2014, slowing from a 1 percent expansion in the previous period but beating market expectations. Services made up about two-thirds of the economy and the biggest increases were in industries that include advertising, employment services, and software development.
Overall, services increased 1.4 percent on a quarter-on-quarter basis, the highest growth since the December 2006 quarter. Business services (up 4.2 percent) was the main driver, although accommodation and food services increased 3.0 percent.
Construction was up 2.2 percent, due to heavy and civil engineering construction; retail trade and accommodation was up 1.4 percent, due to increased accommodation and food services, and retail trade; wholesale trade was up 2.2 percent due to machinery and equipment wholesaling.
These increases were partly offset by a 3.1 percent decrease in primary industries, where agriculture, forestry and fishing (down 2.8 percent) and mining all fell.
Year-on-year, the GDP advanced 3.9 percent, up from a 3.8 percent expansion in the first three months of 2014.
9/18/2014 12:00:31 AM