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

 


Strong economic growth in the last three months of 2012

Strong economic growth in the last three months of 2012 – Media release

21 March 2013

Gross domestic product (GDP) rose 1.5 percent in the December 2012 quarter, the strongest quarterly growth since December 2009, Statistics New Zealand said today.

"Fifteen of the 16 industries recorded increases in the last three months of 2012, reflecting the broad-based nature of growth in this quarter," national accounts manager Rachael Milicich said.

The industries with the largest contributions to growth were:
• agriculture, forestry, and fishing (up 2.6 percent), mainly due to the largest quarterly increase in forestry and logging activity in 13 years
• retail trade and accommodation (up 2.3 percent), due to the largest quarterly movement in retail trade since the March 2007 quarter
• wholesale trade (up 2.1 percent), now back to pre-recession levels
• construction (up 1.8 percent), due to infrastructure construction which includes roads, bridges, and power plants.

Economic activity for the year ended December 2012 was up 2.5 percent. This is the highest annual growth in GDP since March 2008, when the economic recession began.

The expenditure measure of GDP was up 1.4 percent in the December 2012 quarter. The main features of this growth were:
• household expenditure on goods and services rose 1.6 percent, the largest quarterly volume increase in six years
• investment in fixed assets rose 2.2 percent, with increased investment in plant, machinery, and equipment, and infrastructure construction
• exports of goods rose 2.1 percent, with log exports up while dairy exports are down
• imports of goods fell 3.1 percent, mainly due to capital goods.

ENDS

For more information about these statistics:
• Visit Gross Domestic Product: December 2012 quarter

• Open the attached files
http://img.scoop.co.nz/media/pdfs/1303/GrossDomesticProductDec12qtr.pdf

http://img.scoop.co.nz/media/pdfs/1303/gdpDec12alltables.xls

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fisheries: Report On Underrsize Snapper Catch

The report found that commercial fishers caught 144 tonnes of undersized snapper in the Snapper 1 area – about 3% of the total commercial catch – in the year ending February 2015. The area stretches from the top of the North Island to the Bay of Plenty and is one of New Zealand’s most important fisheries. More>>

ALSO:

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news