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

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news