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


Economic Growth Maintained by Internal Demand

Economic Growth Maintained by Internal Demand

Economic activity increased 1.0 percent in the September 2002 quarter following increases of 1.7 and 0.9 percent in the June and March quarters respectively, according to Statistics New Zealand.

For the year ended September 2002, the economy grew 3.9 percent.

Growth this quarter was maintained by internal demand, up 3.3 percent. Higher household expenditure on consumer items and new housing construction, and a build-up of inventories sustained demand. Much of this demand was met by imports, up 3.1 percent. Partly offsetting the increase in internal demand were lower export volumes, down 2.0 percent, largely due to a fall in merchandise exports.

This increased internal demand was reflected in a strong lift in the construction industry, up 11.0 percent, and a rise in retail, accommodation and restaurant services, up 1.4 percent. Construction output is up 7.8 percent for the September 2002 year.

Most other industries recorded small increases, with the notable exception of agriculture. Agriculture production fell 0.9 percent as wool and dairy production dropped. However, dairy production levels remain high, up 2.4 percent on the September 2001 quarter. Lamb production increased this quarter, a result of higher numbers of lambs tailed. Forestry output increased 5.0 percent for the September 2002 quarter, following a similar increase the previous quarter. Logging output is now at a very high level.

The expenditure-based measure of GDP, released concurrently with the production-based measure, recorded a 1.2 percent increase for the September quarter.

Brian Pink Government Statistician

© 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>>


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>>


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>>



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>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news