New Zealand GDP Up 0.8% in Q3


New Zealand Gross domestic product was up 0.8 percent in the September 2011 quarter, following a 0.1 percent increase in the June 2011 quarter. The increase in the latest quarter is the fourth consecutive quarter of growth following a decline of 0.1 percent in the September 2010 quarter.

In the September 2011 quarter, the increase in economic activity was due to rises of 0.5 percent in the services industries, 0.8 percent in the goods-producing industries, and 0.5 percent in the primary industries.

The main movements by industry this quarter were: manufacturing (up 2.3 percent) – food, beverage, and tobacco manufacturing was the largest contributor; retail, accommodation, and restaurants (up 2.5 percent) – the largest quarterly increase since the March 2007 quarter; finance, insurance, and business services (up 0.6 percent) – the fourth consecutive quarter of growth; construction (down 2.2 percent) – now at its lowest quarterly level since the June 2002 quarter.

The expenditure measure of GDP rose 1.0 percent in the September 2011 quarter. The expenditure and production measures of GDP are conceptually the same. The production measure of GDP measures the volume of goods and services produced in the economy, while the expenditure measure shows how those goods and services were used.

Economic activity for the year ended September 2011 was up 1.3 percent when compared with the year ended September 2010. Expenditure on GDP for the year ended September 2011 was up 1.4 percent when compared with the previous year.


TradingEconomics.com, Statistics New Zealand
12/22/2011 1:05:40 PM