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

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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