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

 


Dairy rebound boosts economic growth

Dairy rebound boosts economic growth – Media release

19 December 2013

Rebounding dairy production drove a 1.4 percent increase in gross domestic product (GDP) for the September 2013 quarter, Statistics New Zealand said today. This increase in GDP is the largest since the December 2009 quarter.

The strong increase in dairy production was the main contributor to a 17.0 percent rise in agriculture, which makes up about 5 percent of the New Zealand economy.

"Dairy farming has really bounced back from the drought this year," acting national accounts manager Steffi Schuster said. "The increase in agriculture is the largest in more than 25 years, as good weather boosted production well above the weak June quarter."

Dairy product manufacturing also increased this quarter, which contributed to a 1.5 percent rise in total manufacturing. While manufacturing production was up, exports of dairy products fell this quarter, leading to a build-up of inventories. The $770 million increase in total inventories this quarter is the largest buildup since the series began.

Increases in agriculture and manufacturing production were partly offset by declines in:

• Construction (down 1.0 percent), as falls in infrastructure and commercial construction outweighed an increase in housing construction. Investment in housing was up 8.5 percent from the previous quarter.
• Business services (down 0.8 percent), with most sub-industries down, except for architectural and engineering services.

Economic activity for the year ended September 2013 was up 2.6 percent.

The expenditure measure of GDP was up 1.1 percent in the September 2013 quarter. The main movements were:

• Investment in fixed assets (up 3.1 percent), driven by increased imports of plant, machinery, and equipment. This was also reflected in a 4.5 percent rise in imports of goods and services.
• Build-ups in manufacturing and distribution inventories, as supply of goods exceeded demand this quarter.
• Volume of spending by New Zealand households (up 0.4 percent), mainly due to increased spending on durables like furniture and motor vehicles.

Visit Gross Domestic Product: September 2013 quarter

GrossDomesticProductSep13qtr.pdf

gdpsep13alltables.xls

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

OECD And Zero Carbon Reports: Environmental Pressures Rising In New Zealand

New Zealanders enjoy a high environmental quality of life and access to pristine wilderness. However, New Zealand’s growth model, based largely on exploiting natural resources, is starting to show its environmental limits with increasing greenhouse gas emissions and water pollution ... More>>

ALSO:

Statistics: Record Net Annual Migration Levels Continue

In the February 2017 year, 71,300 more migrants arrived in New Zealand than left, Stats NZ said today. This equalled the previous annual record set in January 2017. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news