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

 


Annual GDP Growth of 4.4 Percent


Annual GDP Growth of 4.4 Percent

Economic activity increased 0.8 percent in the December 2002 quarter following increases of 0.9 and 1.7 percent in the September and June quarters respectively, according to Statistics New Zealand. For the year ended December 2002, the economy grew by 4.4 percent.

Consumer spending was up 2.0 percent for the quarter. Household expenditure has been buoyant for the last 12 months, with annual spending on durable goods up 8.3 percent, new housing investment rising 20.5 percent and New Zealand residents' spending overseas increasing 8.8 percent. Increased business investment, up 4.0 percent, and a lift in exports also contributed to this quarter's rise in economic activity. Internal demand in the December 2002 quarter is now 4.0 percent higher than in the same quarter of the previous year.

Both exports and imports were up this quarter. Export volumes rose 2.8 percent, with dairy products and manufactured goods being the main contributors. Import volumes increased 3.1 percent, reflecting the overall rise in consumer spending and business investment. The main increases in imports were for machinery and electrical equipment, transport equipment, and services.

The growth this quarter mainly occurred in the service industries, which rose 1.3 percent and are now 4.2 percent higher on an annual basis. Major contributors to the quarterly increase in service activity were transport and communications, up 2.6 percent, personal and community services, up 1.1 percent, and finance, insurance and business services, up 0.9 percent.

Activity in primary industries was also up, largely due to a lift in dairy production. However, growth in goods-producing industries was flat, due to a fall in manufacturing production.

The expenditure-based measure of GDP, released concurrently with the production-based measure, recorded a 0.5 percent increase for the December quarter when compared with the September quarter.

Brian Pink

Government Statistician


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news