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Bay of Plenty Tops Regional GDP Increases Again
Bay of Plenty Tops Regional GDP Increases Again
The
Bay of Plenty’s increase in nominal GDP topped the regions
for the second year in a row, Stats NZ said today.
All 15 regional economies in New Zealand recorded increases in nominal GDP for the year ended March 2017. The Bay of Plenty’s economy rose by 9.0 percent, followed by Northland and Waikato (both 8.2 percent), Southland (7.9 percent), and Otago (7.1 percent). The national average was 6.2 percent.
The Bay of Plenty’s increase was mainly due to strong increases in the value of agriculture (horticulture and dairy); construction; and rental, hiring, and real estate services. “Agriculture played a significant role in many regions, reflecting the large rise in the milk price payable to dairy farmers in 2017,” national accounts senior manager Gary Dunnet said.
Strong increases in housing-related industries were also seen outside the Bay of Plenty. The construction; and rental, hiring, and real estate services industries had an impact on the northern regions – Northland, Auckland, and Waikato – along with Otago in the south.
“Construction in Canterbury tapered off over 2016 and 2017, which contributed to the region’s increase of 5.1 percent being below the national average,” Mr Dunnet said.
Taranaki retained the highest GDP per capita ($70,863), followed by Wellington ($69,851) and Auckland ($61,924). Gisborne had the lowest GDP per capita ($39,896). The national average was $57,002.
New Zealand’s regional economies 2017 visually presents the key measures of the 15 regional economies.
Regional GDP figures are expressed in current price (nominal) terms and so differ from national GDP measures that report GDP movements exclusive of price effects.
Changes to this year’s regional GDP release
We’ve published an extra year of balanced data up to 2016 in this year’s regional GDP release, due to quality improvements from the National accounts (industry production and investment): Year ended March 2016 release. It means that non-provisional industry detail by region data for 2016 is now available a year earlier than was previously possible. Also with this release, we’ve published accommodation services, and food and beverage services for the first time as separately identified industries.
Video about Regional gross domestic product: Year ended March 2017
View our video Regional gross domestic product: Year ended March 2017
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