New Zealand GDP Expands 0.9% in Q3

New Zealand economy advanced a seasonally adjusted 0.9 percent in the three months to September of 2015, following a downwardly revised 0.3 percent growth in the previous quarter and beating market expectations of 0.8 percent. It was the highest level since the third quarter of 2014, driven by growth in the service industries and manufacturing.

The service industries collectively grew 0.9 percent in the quarter, driven by increases in business services, retail trade and accommodation, and transport services.

There was a mixed picture for the goods-producing industries, with an increase in manufacturing partly offset by a decrease in construction. Manufacturing grew 2.8 percent, due to the largest increase in food, beverage, and tobacco manufacturing since March 2012. Production, domestic consumption, and exports of food and beverage products all increased. The construction industry was down 2.9 percent, driven by heavy and civil engineering construction, which reflects lower investment in other construction.

The expenditure measure of GDP showed a 1.2 percent increase in the September quarter, with net exports (exports less imports) driving this increase. Household spending increased 0.6 percent, and investment in transport equipment and plant, machinery, and equipment increased.

Year-on-year, the economy expanded by 2.3 percent in the third quarter of 2015, slowing from a 2.4 percent gain in the precedent period.

New Zealand GDP Expands 0.9% in Q3

Statistics New Zealand | Joana Ferreira |
12/16/2015 10:15:03 PM