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.

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