Industry Income Shows Strong Growth

Industry Income Shows Strong Growth

Results released today by Statistics New Zealand show a 3.7 percent increase in income in the 2003 financial year for industries covered by the Annual Enterprise Survey. A higher New Zealand dollar, which buoyed consumer spending through cheaper imports, and inflows of permanent and long-term migrants resulted in many industries recording increases in total income.

Industries servicing the domestic economy, such as construction (up 13.1 percent), property and business services (up 10.5 percent), and retail trade (up 8.2 percent), recorded strong growth.

The stronger dollar and falling international commodity prices adversely affected several export-oriented industries. After solid growth in 2001 and 2002, income from dairy farming fell by 19.9 percent and livestock and cropping farming income was down by 7.6 percent.

The Annual Enterprise Survey is New Zealand's most comprehensive source of financial statistics and provides information about the annual financial performance and position of industry groups operating within New Zealand. The industries covered in the survey contribute approximately 90 percent of New Zealand's gross domestic product.

Statistics New Zealand would like to thank respondents for their participation in this survey. We also acknowledge the cooperation of Inland Revenue in providing administrative data that enabled us to lower the size of the postal sample and, as a result, reduce compliance costs on the business community.

Brian Pink
Government Statistician
END

© Scoop Media