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

 


NZ first quarter manufacturing sales volumes rose 0.5%

NZ first quarter manufacturing sales volumes rose 0.5%

By Tina Morrison

Jun. 10 (BusinessDesk) - New Zealand manufacturing sales volumes rose a seasonally adjusted 0.5 percent in the first quarter, led by gains in chemical and petroleum manufacturing.

Chemical, polymer, and rubber product manufacturing volumes rose 8.5 percent helped by increased production at New Plymouth-based Methanex New Zealand and following a 0.5 percent drop in the previous quarter, Statistics New Zealand said. Petroleum and coal product manufacturing increased 5.8 percent, following a 2.5 percent decline in the previous quarter, reflecting quarterly volatility, the agency said.

Meanwhile, meat and dairy product manufacturing volumes edged up 0.1 percent in the first quarter following a 14 percent jump in the fourth quarter, the agency said. In the latest period, the volume of meat exports rose 6.6 percent while dairy product exports fell 4.3 percent following a post-drought jump in the previous quarter.

Manufacturing sales data is the last key component of gross domestic product. New Zealand GDP expanded 0.9 percent in the fourth quarter, for an annual average 2.7 percent pace. While this week's manufacturing and wholesale trade surveys were softer than some expectations, they weren't weak enough to offset a strong rise in construction which could lead some economists to upgrade their forecasts for first quarter GDP, scheduled for release June 19.

"The building work data has added that upside risk and this one might have eroded it a little bit but net-on-net you have still got some upside risk," said UBS New Zealand senior economist Robin Clements. "This is consistent with a 1 to 2 percent GDP for manufacturing which means some upside risk on my GDP forecast for 1.1 percent."

Data last week showed house building activity grew at its fastest pace in almost 12 years in the first quarter as construction ramped up to rebuild the country’s second-biggest city and fill a housing shortage in Auckland.

Westpac bank also said it may revise up its preliminary forecast for 1.1 percent first quarter GDP growth when it finalises its estimate tomorrow.

"The weight of evidence suggests that March quarter GDP growth is likely to come in higher than our initial forecast of 1.1 percent," Westpac senior economist Michael Gordon said in a note. "Last week's construction figures were massively stronger than expected, more than offsetting this week's wholesale trade and manufacturing surveys, which on the whole were a little softer than we had assumed."

The value of seasonally adjusted sales at current prices was 0.6 percent higher from the previous quarter, Statistics New Zealand said.


(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Extended Warranties: Godfreys Fined For Agreements It Sold

    New Zealand Vacuum Cleaner Company Limited (trading as Godfreys) was today fined $58,000 in the Manukau District Court after earlier pleading guilty to 10 charges relating to its extended warranty agreements. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news