Residential investment picks up in 2013
Residential investment picks up in 2013 – Media release
28 November 2013
Household spending and investment activity were the main domestic drivers of growth in the New Zealand economy in the March 2013 year, Statistics New Zealand said today.
In current prices (inflation not removed) household spending was up $3.5 billion (2.9 percent) and investment increased $3.0 billion (7.7 percent) from 2012.
Overall, investment in fixed assets was $41.8 billion in 2013 – returning to almost the same level as in 2008, which was the peak of the series.
"The main driver was investment in residential buildings, which rose $2.0 billion in the March 2013 year," acting national accounts manager Steffi Schuster said. "This is the largest year-on-year increase since this series began and is the first significant increase in residential building investment since 2008."
statistics released today also showed that the size of the
New Zealand economy (gross domestic product (GDP)) rose to
$211.6 billion in the March 2013 year. GDP in current prices
was up 2.0 percent
from the previous year.
The main sources of income from production were wages and salaries, and business profits.
“While income from employment was up in 2013, business profits fell. This particularly reflects lower profits in agriculture after two years of strong growth,” Ms Schuster said.