INDEPENDENT NEWS

GDP rises on strength in services

Published: Thu 15 Mar 2018 10:56 AM
GDP rises on strength in services
15 March 2018
The economy, as measured by gross domestic product (GDP), grew 0.6 percent in the December 2017 quarter, Stats NZ said today. Growth was driven by increases in the service industries but was tempered by falls in the primary sector.
“Growth was widespread across many service industries, with business services, and rental hiring and real estate services providing momentum,” national accounts senior manager Gary Dunnet said. “Retail trade and wholesale trade were also key contributors to growth this quarter.”
Hot, dry weather appeared to have a negative impact this quarter on agriculture production, which fell 2.7 percent. Falling milk production was reflected in lower dairy manufacturing and dairy exports. In contrast, meat manufacturing was up, keeping pace with export demand for meat products.
Expenditure on GDP rose, underpinned by household spending and investment. Household spending was up 1.2 percent, influenced by people eating out more and spending more on groceries and alcohol. This was reflected in the retail trade and accommodation industry, with activity in food and beverage services and supermarkets increasing.
"Imports of capital goods such as aircrafts, factory equipment, and ICT increased considerably this quarter," Mr Dunnet said. “This was reflected in a 2.1 percent rise in investment of fixed assets.”
GDP per capita increased 0.1 percent this quarter, following a 0.2 percent increase in the September 2017 quarter.
Annual GDP growth for the year ended December 2017 was 2.9 percent. The size of the economy in current prices was $283 billion.
Summary of Gross domestic product: December 2017 quarter - video
View our video Gross domestic product: December 2017 quarter
Authorised by Liz MacPherson, Government Statistician, 15 March 2018
For more information about these statistics:
• Visit Gross domestic product: December 2017 quarter
• See CSV files for download
ends

Next in New Zealand politics

ALRANZ Congratulates Ireland
By: ALRANZ
Expert Group established on welfare system improvements
By: New Zealand Government
Phil Twyford’s CAA responsibilities transferred
By: New Zealand Government
Climate Change - Technical Group calls for urgent action
By: New Zealand Government
Fishing industry lies revealed in leaked report
By: RNZ
VCs at risk of opting out of government’s vision
By: Tertiary Education Union
Independent Panel makes recommendations on MECA agreement
By: Ministry of Health
Abortion views in NZ yet 'to be put to the test'
By: RNZ
'The regime we have for abortion is working well' - Bridges
By: RNZ
Ireland's Repeal the 8th Vote
By: National Abortion Federation
ALRANZ Wishes Ireland a Successful Repeal of the 8th
By: ALRANZ
Te Aka Kōrero No. 7 - News from the Law Commission
By: Law Commission
Govt Pushes Abortion Over Weightier Law Commission Issues
By: Family First
The Nation: Children's Commissioner Judge Andrew Becroft
By: The Nation
Govt side-lining select committee process
By: New Zealand National Party
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media