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

 

Drought slows economic growth

Drought slows economic growth – Media release

19 September 2013

Gross domestic product (GDP) rose 0.2 percent in the June 2013 quarter, Statistics New Zealand said today.

"The drought early this year influenced falls in agriculture and manufacturing this quarter, but this was balanced by strong growth in the service industries," acting national accounts manager Steffi Schuster said.

This latest result follows a GDP rise of 0.4 percent in the March 2013 quarter, when dry weather also slowed growth.

The industries with the largest contributions to growth this quarter were:
• business services (up 2.6 percent), led by architectural and engineering services
• retail trade and accommodation (up 2.1 percent), led by furniture, department store, food, and clothing retailing

These increases were partly offset by declines in:
• Agriculture (down 6.4 percent), driven by a large fall in dairy farming. Agriculture has now fallen 10.4 percent since it peaked in the December 2012 quarter, as low rainfall has reduced production.
• Food, beverage, and tobacco manufacturing (down 3.8 percent), mainly due to a decrease in meat and dairy product manufacturing. Total manufacturing was down 0.1 percent.

Economic activity for the year ended June 2013 was up 2.7 percent.

The expenditure measure of GDP was up 0.1 percent in the June 2013 quarter. The main movements were:
• volume of spending by New Zealand households (up 1.5 percent), mainly due to increased spending on durables such as televisions, clothing, and furniture
• investment in fixed assets (up 3.8 percent), mainly due to increased construction of infrastructure
• exports of goods and services (down 5.9 percent), driven by a fall of dairy exports.

GrossDomesticProductJun13qtr.pdf

gdpJun13alltables.xls

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>

ALSO:

No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>

ALSO:

Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>

ALSO:

'Work Experience': Welfare Group Opposes The Warehouse Workfare

“This programme is about exploiting unemployed youth, not teaching them skills. The government are subsidising the Warehouse in the name of reducing benefit dependency,” says Vanessa Cole, spokesperson for Auckland Action Against Poverty. More>>

ALSO:

Internet Taxes: Labour To Target $600M In Unpaid Taxes From Multinationals

The Labour Party would target multinationals operating in New Zealand to ensure they don't avoid paying tax if it wins power and is targeting $600 million over three years through a "diverted profits tax," says leader Andrew Little. More>>

ALSO: