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

 


Chch rebuild and drought lead to modest economic growth

Canterbury rebuild and drought lead to modest economic growth – Media release

20 June 2013

Gross domestic product (GDP) rose 0.3 percent in the March 2013 quarter, with the Canterbury rebuild and the 2013 drought having offsetting effects, Statistics New Zealand said today. This modest growth in economic activity follows a rise of 1.5 percent in the December 2012 quarter.

"The Canterbury rebuild boosted activity for construction and related services," GDP project manager Jason Attewell said. "The rest of the economy was a mixed bag, but we are coming off very strong growth in the previous quarter."

The largest movements by industry this quarter were:
• Business services (up 3.9 percent), driven by architectural and engineering services in Canterbury and Auckland. Activity related to the census, which was held in March 2013, is also included in this industry.
• Construction (up 5.5 percent), due to residential building and associated construction services activity in Canterbury.

Partly offsetting these increases were declines in:
• Agriculture (down 4.7 percent), due to dry weather in the quarter, which meant that dairy stock were dried off early resulting in lower milk production.
• Information media and telecommunications (down 3.1 percent), due to declines in call minutes between December and March.

"The impact of the drought showed up as expected, with lower milk production and higher slaughter numbers for the first three months of 2013," Mr Attewell said. "We expect the drought will impact on the economy for several quarters, as lower herd numbers and conception rates will affect future production."

Economic activity for the year ended March 2013 was up 2.5 percent.

The expenditure measure of GDP was also up 0.3 percent in the March 2013 quarter. The main features of this growth were:
• Household expenditure, which measures the volume of goods and services consumed by households, rose 0.4 percent. This has not fallen since the March 2009 quarter, and has grown 10.1 percent over that time.
• Investment in fixed assets rose 0.3 percent, with a rise in residential building partly offset by a fall in plant and machinery investment.

For more information about these statistics:

-Visit Gross Domestic Product: March 2013 quarter
-http://img.scoop.co.nz/media/pdfs/1306/GrossDomesticProductMar13qtr.pdf
-http://img.scoop.co.nz/media/pdfs/1306/gdpmar13alltables.xls

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Building Battle: Bill English Blames Council On Housing

The Nation: Finance Minister blames Auckland Council for housing shortage, saying it is responsible for land, housing and infrastructure supply in the city, while government provides rental subsidies... More>>

ALSO:

Megiaglommeration: NZME And Fairfax Apply For Authorisation To Merge

The Commerce Commission has received an application from Wilson and Horton Limited (trading as NZME) and Fairfax NZ Limited seeking authorisation to merge their media operations in New Zealand. More>>

ALSO:

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news