The economy is continuing to show strong growth, up nearly a percent in the last reported quarter.
The New Zealand economy grew 0.9% in the September 2015 quarter, following an increase of 0.3% in June, Statistics New Zealand said today. The September quarter increase was driven by growth in the service industries and manufacturing.
“The increase this quarter follows lower growth earlier in the year, which has brought the annual growth down to 2.9%,” national accounts manager Gary Dunnet says.
The service industries collectively grew 0.9 percent in the quarter, driven by increases in business services, retail trade and accommodation, and transport services.
“The service industries were fuelled by greater domestic demand and spending by international visitors,” Mr Dunnet said. “Nine of the 11 service industries reported increases this quarter.”
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% in the September 2015 quarter, 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%, driven by heavy and civil engineering construction, which reflects lower investment in other construction.
The expenditure measure of GDP showed a 1.2% increase in the September quarter, with net exports (exports less imports) driving this increase. Household spending increased 0.6%, and investment in transport equipment and plant, machinery, and equipment increased.
The size of the economy (in current prices) was $244 billion for the year ended September 2015.
