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

 


Size of New Zealand economy reaches $207 billion

[This information has been updated elsewhere - see Correction notice – Statistics NZ: National Accounts]

Size of New Zealand economy reaches $207 billion

There are mixed signs in how the economy is recovering from the global financial crisis, Statistics New Zealand said today. Increases in earnings from exports, and in spending by households and government, were larger than increases in investments and profits by businesses in the past year.

Statistics NZ has today released the national accounts statistics for the year ended March 2012, which provide a snapshot of the country’s economic performance.

The size of the New Zealand economy as measured by gross domestic product (GDP) in current prices (without removing inflation) rose to $206.5 billion (up 3.7 percent) in the March 2012 year.

"This is the first time New Zealand’s GDP has passed $200 billion," national accounts manager Rachael Milicich said.

"While GDP was up, the underlying picture reflects economic uncertainty, with business profits and investment growing slowly in 2012."

Households continued to almost match their income and spending, which is a turnaround from the period before 2010, when they regularly spent more than they earned. In 2012, household spending (up 5.0 percent) outweighed income (up 4.5 percent) by $100 million. "This is in contrast to household spending exceeding income, on average by $4.0 billion, over the last 10 years," Ms Milicich said.

Investment in fixed assets (in current prices) increased only slightly (up 0.7 percent) in the March 2012 year. The 2012 investment level is still $5.1 billion below the $42.4 billion peak of 2008.

Government investment in fixed assets rose 2.0 percent, while private investment remained almost unchanged (up 0.2 percent). Investment in residential and commercial buildings fell in 2012. This drop was more than offset by increases in plant, machinery, and equipment, and other construction (infrastructure).

The statistics released today provide provisional estimates for New Zealand’s economic performance up to the March 2012 year. National Accounts (Income and Expenditure): Year ended March 2012 provides information on the relationships between different groups in the economy (such as households, businesses, and government), as well as their sources and use of income, and their interaction with the rest of the world. Comprehensive data on production, investment, and capital stock, including the effect of the global financial crisis on the New Zealand economy, is available from National Accounts (Industry Benchmarks): Year ended March 2010.

ENDS

Authorised by:
Geoff Bascand
Government Statistician

Published 21 November 2012


For more information about these statistics:
• Visit National Accounts (Income and Expenditure): Year ended March 2012
• Visit National Accounts (Industry Benchmarks): Year ended March 2010
• Open the attached files

NationalAccountsIncomeExpenditureYeMar12.pdf
NationalAccountsIndustryBenchmarksYeMar10.pdf
naieyeMar12consolidatedtables200612.xls
naibye10gdpbkdwntables.xls

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news