New Zealand GDP Expands 0.2% QoQ in Q2
In the second quarter of 2013, New Zealand economy expanded a seasonally adjusted 0.2 percent over the previous quarter, after a rise of 0.4 percent in the first three months of 2013, as the effect of the drought continues to hurt agricultural production. Agriculture fell 6.4 percent due to lower dairy production, while sheep and cattle farming also fell.
On the production side, business services increased the most (up 2.6 percent), driven by higher architectural and engineering services. Construction expanded 2.3 percent, boosted by infrastructure construction and retail trade and accommodation grew 2.1 percent. In contrast, agriculture, forestry, and fishing dropped 4.8 percent, led by lower dairy production.
On the expenditure side, household consumption increased the most in the review period since the March 2007 quarter. It went up 1.5 percent, due to increased spending on durable goods like audio-visual equipment, clothing, and furniture. Gross fixed capital formation increased 3.8 percent. In contrast, exports of goods and services contracted 5.9 percent, mainly due to lower shipments of dairy products, metal products, machinery and equipment, and meat products. Imports rose 1.3 percent, led by higher imports of capital goods.
GDP for the June 2013 quarter was 2.5 percent higher than in the June 2012 quarter.
9/19/2013 12:19:00 AM