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Growth Lead by Services Sector and Exports

Embargoed until 10:45am – 29 September 2006

Growth Lead by Services Sector and Exports

Economic activity increased 0.5 percent in the June 2006 quarter, Statistics New Zealand said today. In the year ended June 2006, the economy grew 1.9 percent, down from the 3.1 percent growth recorded in the year ended June 2005.

Service industries continued to provide much of the impetus for the New Zealand economy, growing 0.5 percent in the June 2006 quarter. The finance, insurance and business services group, together with government administration and defence, and personal and community services, has contributed strongly to this quarter's increase.

Strong growth in food, beverage and tobacco manufacturing (up 4.4 percent) has also contributed to this quarter's increase, which has flowed through to strong meat and dairy product exports.

The expenditure-based measure of gross domestic product (GDP), released concurrently with the production-based measure, recorded a 0.4 percent increase in the June 2006 quarter. This was driven by an improvement in the net trade balance, with exports increasing 4.7 percent and imports decreasing 1.3 percent.

Total domestic spending fell 1.7 percent this quarter, as a result of decreases in business investment and household consumption expenditure and a reduced investment in inventories. General government final consumption expenditure remained strong, increasing 1.2 percent in the June 2006 quarter and 4.9 percent for the year ended June 2006.

Business investment in fixed assets fell 5.6 percent in the June 2006 quarter, following a 0.9 percent fall the previous quarter. However, in the year ended June 2006, business investment rose 5.5 percent.

Geoff Bascand
Acting Government Statistician

ENDS

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