Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Economy Grows 0.7 Percent In September Quarter

Gross Domestic Product: September 2000 quarter


Economic activity increased in the September 2000 quarter by 0.7 percent, according to information released today by Statistics New Zealand. This follows a 1.0 percent fall in the June quarter and brings the economy back towards the level recorded for the March quarter. With growth in three of the last four quarters, the economy grew 4.5 percent for the year to September, after recording 2.2 percent growth for the year to September 1999.

The decline in the June quarter was the result of an early close to the dairy season, which curtailed growth in farm production and primary food manufacture, and a drop in construction activity. In the September quarter, however, a strong start to the dairy season has reversed the June quarter result. The boost in dairy production, combined with lifts in household spending and business investment, led to the recovery. Seasonally adjusted statistics for both retail trade and residential building work put-in-place recorded increases for the September quarter. Export volumes, however, fell this quarter while import volumes remained flat.

Besides primary food manufacturing, most other manufacturing industries also recorded rises, as did energy, retail trade and air transport. The increase for the retail trade, accommodation and restaurants industry reflected increased household spending and tourist numbers. Short-term visitor arrivals for the September 2000 quarter were 9.7 percent higher than for the September 1999 quarter.

After the rise in activity in the March quarter was offset by a fall in the June quarter, there was little change in the level of construction activity in the September quarter. Increased construction of residential buildings was matched by falls in non-residential building and other construction. Following a volatile twelve months, activity in this industry remains lower than it was a year ago.

Brian Pink GOVERNMENT STATISTICIAN

END


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news