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Manufacturing powerhouse of NZ growth
Manufacturing powerhouse of NZ growth
Today’s
positive growth stats show the powerhouse of New Zealand
manufacturing, says ManufacturingNZ.
GDP figures released today show economic growth was up 0.9 percent in the last quarter, following a similar increase in the previous quarter.
ManufacturingNZ executive director Catherine Beard says this level of economic growth has been helped by the performance of the manufacturing sector.
"Last week’s Economic Survey of Manufacturing showed significant growth in this sector over the last quarter.
"The volume of manufacturing sales is up 2.8 percent, and the value is up 2.2 percent compared with the previous quarter. Manufacturing for the construction sector grew 9.5 percent and meat and dairy product manufacturing grew by 8.6 percent."
Catherine Beard says manufacturing is supporting key growth areas of the economy.
"With a construction boom in parts of New Zealand, manufacturing of key construction components such as glass, cement and concrete manufacturing is keeping pace and helping the growth of building activity.
"And New Zealand’s strengths in food production are being ably supported by strong growth in manufactured food products, particularly meat and dairy product manufacturing
"Manufacturing - employing a quarter of a million New Zealanders, contributing $12 billion in wages, and earning billions in export revenue every year - is delivering for the New Zealand economy."
ENDS
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