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

 


GDP Up 0.6 Percent

GDP Up 0.6 Percent

Economic activity increased 0.6 percent in the March 2003 quarter, following increases of 0.8 and 0.9 percent in the December and September 2002 quarters respectively, according to Statistics New Zealand. For the year ended March 2003, the economy grew by 4.3 percent.

The external sector was the key contributor to this quarter's growth, with exports rising 1.6 percent and imports declining 0.7 percent. Meat export volumes, up 12.1 percent, were at record levels. Dairy exports fell 4.0 percent in this quarter but remain at high levels, up 19.8 percent for the year ended March 2003. Imports of goods increased 0.3 percent this quarter while imports of services declined 2.9 percent.


Internal demand was flat this quarter, down 0.2 percent, although it remains buoyant for the March 2003 year, up 4.5 percent. There was a further lift in household expenditure this quarter, up 0.5 percent. Purchases of used vehicles were up, as was spending on food and beverages and domestic travel. Offsetting these was lower spending by New Zealanders travelling overseas as international travel conditions became more uncertain. Investment in new housing increased for the fourth consecutive quarter, up 4.2 percent and is up 23.3 percent for the March year. Business investment was flat this quarter but recorded a 3.7 percent increase for the March year. There was a slight run-down in inventory levels this quarter.

The most significant contribution to growth occurred in the service industries, which rose 0.9 percent and are now 3.7 percent higher on an annual basis. Within this group, finance, insurance and business services were the major contributors while transport and communication activity increased by 1.3 percent.

Manufacturing activity increased 2.0 percent this quarter, with the lift in food, beverage and tobacco manufacturing offsetting the decline in petroleum, chemical, plastic and rubber products manufacturing. With a drier-than-average summer over much of the country, agriculture activity decreased 0.8 percent this quarter. Dairy production tailed off earlier than normal and livestock production declined as some farmers quit stock earlier than usual. This was reflected in increased meat slaughtering activity recorded in manufacturing.

The expenditure-based measure of GDP, released concurrently with the production-based measure, recorded a 0.8 percent increase for the March 2003 quarter when compared with the December 2002 quarter.

Brian Pink Government Statistician END


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Half A Billion Accounts, Including Xtra: 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>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news