Economy

New Zealand GDP Climbs 0.8% On Quarter In Q2

New Zealand GDP Climbs 0.8% On Quarter In Q2”

Gross domestic product (GDP) rose 0.8 percent in the June 2017 quarter, following a revised 0.6 percent rise in the March quarter, Stats NZ said today.

A surge in dairy exports and strong visitor numbers saw New Zealand's economic growth pick up in the September quarter.

Service industries continued to grow this quarter, increasing 1.0 percent.

A surge in dairy sales saw New Zealand's exports climb at the fastest rate in close to 20 years during the September quarter.

Manufacturing was up 1.8 percent, with food, beverage, and tobacco product manufacturing being the largest contributor.

Growth in exports of services benefited from strong tourism in the June quarter, helped by two global events staged in New Zealand - the World Masters Games and the British & Irish Lions Rugby Tour.

The quarterly jump was largely due to a flurry of spending as tourists flooded the country for a British and Irish Lions rugby tour and the World Masters' games, which pushed retail spending and accommodation up 2.8 percent.

Imports of goods and services gained 0.6 percent, due to imports of intermediate goods and capital goods.

Thursday's figures show activity was weighed on by a construction, which contracted 1.1 per cent following the 2.1 per cent decline in the March quarter. The fall reflected lower construction-related investment, including investment in non-residential and residential buildings and infrastructure.

"We expected the June quarter to mark the high point for growth this year, given the one-off boost from tourism and a rebound in agriculture and transport", Michael Gordon, senior economist at Westpac Bank, said in a research note.

"Potentially, capacity constraints are biting on all types of construction activity", they said, adding GDP growth had been "underwhelming in the past year" and in light of this the second-quarter result is "relatively muted". Annual GDP was left unchanged at 2.5 percent.

On a per capita basis, GDP rose 0.3 percent in the quarter, following a flat result in the March quarter.

The growth was in line with analysts' expectations, though slightly below the central bank's projection of 0.9 percent growth. In the year ended June, it was up 0.6 percent.

The size of New Zealand's economy in current prices was $268 billion, Stats NZ said.



Like this

loading...
loading...

Latest


21 September 2017
Tax reform must be a priority
Our federal tax code has eroded family wealth every year ever since our family pursued the American dream to own a business. This complicated tax code combined with extra layers of additional taxes makes it increasingly harder to make it in America.

21 September 2017
Apple Inc. (NASDAQ:AAPL) Experiences Lighter than Average Trading Volume
In addition to Maxim Group reporting its stock price target, a total of 36 brokerages have issued a ratings update on the company. It increased, as 90 investors sold AAPL shares while 975 reduced holdings. 129 funds opened positions while 634 raised stakes.

21 September 2017
(TDS), Live Nation Entertainment, Inc. (LYV)
In other news, Director Ariel Emanuel sold 10,000 shares of the firm's stock in a transaction dated Thursday, September 14th. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink .

21 September 2017
Donald Trump's United Nations speech in 5 slides
This characterization is based on religious stereotyping which was evident in Trump's blanket ban of Muslims from visiting the US. Since its founding, every member of the United Nations has been expected toput the interests of its own citizens first.

21 September 2017
Mcdaniel Sells 45216 Shares of Moody's Corporation (MCO) Stock
The share price of Moody's Corporation (NYSE: MCO ) was down -0.01% during the last trading session, with a day high of 137.23. NN Investment Partners Holdings N.V. increased its position in shares of Moody's Corporation by 18.7% in the fourth quarter.

21 September 2017
Khamenei censures Trump's anti-Iran remarks as "ugly"
"The foolish, very ugly, and ignoble speech of the USA president, with its gangster and cowboy language full of sheer lies, is rooted in their anger, frustration, and light-headedness", Ayatollah Khamenei said in a meeting with members of Iran's Assembly of Experts in Tehran on Thursday.

21 September 2017
The 69th Annual Primetime Emmy Award Winners
Reese Witherspoon produced and starred in Big Little Lies , and she accepted the role Sunday for Best Limited Series for the show. Other new faces included Donald Glover , the best comedy actor and also director for his hip-hop themed show " Atlanta ".

21 September 2017
Workers at Canadian mining company protest in Athens
Differences between Greece and the Canadian miner have dragged on for years, mainly over compliance with environmental regulations.

21 September 2017
No need to renegotiate Iran nuclear deal: European Union
Mogherini noted that Issues that are out of scope of Iran nuclear agreement can be dealt with in various formats. On Wednesday, Trump told reporters that he had reached a decision, but did not elaborate.

21 September 2017
CVS Caremark Corp's (NYSE:CVS) Sentiment is 0.74
It improved, as 44 investors sold V shares while 564 reduced holdings. 127 funds opened positions while 440 raised stakes. The stock of CVS Health Corp (NYSE:CVS) has "Overweight" rating given on Friday, December 18 by Barclays Capital.