New Zealand GDP Posts Minor Q3 Expansion?

New Zealand's economy grew 0.2 percent in the third quarter of 2009, but by less than expected.

The government agency also upwardly revised New Zealand's 2nd quarter GDP growth to 0.2 percent from 0.1 percent.

The September quarter increase was below the forecast of 0.4 percent GDP growth predicted by most analysts.

The Q3 rise marks the second straight quarter of mild economic expansion after five quarters of contraction.
For the full year to September 2009, New Zealand's GDP decreased 1.3 percent.

Statistics NZ said the real estate and business services sectors posted a 2.2 percent increase in Q3, mining activity rose 11.1 percent, manufacturing activity was down 1.9 percent and construction activity was down 4.4 percent, the sixth decrease in the last seven quarters.

Household spending volume was up 0.8 percent in Q3. spending on durable goods was up 2.0 percent and spending on services also increased, Statistics NZ said. Fixed asset investment was down 1.8 percent.

New Zealand GDP Posts Minor Q3 Expansion?, RTT News
12/22/2009 6:18:49 PM