INDEPENDENT NEWS

Economic growth boosted by services and primary industries

Published: Thu 17 Sep 2015 05:01 PM
Economic growth boosted by services and primary industries – Media release
17 September 2015
Growth in services and primary industries supported a 0.4 percent increase in GDP in the June 2015 quarter, Statistics New Zealand said today.
Agricultural production increased 3 percent in the June 2015 quarter, due to increased meat and dairy farming.
“Despite falling milk prices, we’re seeing growth in dairy production,” national accounts manager Gary Dunnet said. “But over the year, agriculture is up only a little, due to dry conditions last summer.”
Food, beverage, and tobacco manufacturing was also up in the June 2015 quarter, due to strong dairy product manufacturing. Inventories of meat and dairy products built up as exports of these goods fell.
Mining also made a partial recovery from recent falls, with a 2.5 percent increase in the latest quarter. The main driver was oil and gas extraction, but this was partly offset by decreases in coal mining and oil exploration.
Collectively, the service industries were up 0.5 percent in the June 2015 quarter, but it was a mixed picture at the lower level – six industries grew and five declined. Growth was driven by business services (up 2.3 percent) and rental, hiring, and real estate services (up 1.1 percent), but these gains were partly offset by a 1.8 percent decrease in transport, postal, and warehousing – the biggest fall since March 2009.
On the expenditure measure of GDP, domestic demand was strong (up 1.3 percent). Household spending was up 0.9 percent, with increased spending on fruit and vegetables, and big-ticket items including cars and furniture. Business investment also increased (2.2 percent) – but this was offset by falling exports and rising imports.
The size of the economy (in current prices) was $241 billion for the year ended June 2015.
Ends
For more information about these statistics:
• Visit Gross Domestic Product: June 2015 quarter
• Open the attached files
GrossDomesticProductJun15qtr.pdf
gdpJun15alltables.xls

Next in Business, Science, and Tech

NAIT Levy Increases Must Achieve Accurate, User-friendly System
By: Federated Farmers
More Job Opportunities, But Growth In Workers’ Earnings Remains Subdued
By: Westpac
Card Spending Continues To Increase As COVID-19 Restrictions Ease
By: Statistics New Zealand
Job Market Ends 2021 On A High With Record Number Of Vacancies
By: Trade Me Jobs
September South Island Windstorm Cost $36.5 M Raises 2021 Extreme Weather Claims Total To $321.6 M
By: Insurance Council of New Zealand
Building Consents Hit New Highs In November
By: Statistics New Zealand
View as: DESKTOP | MOBILE © Scoop Media