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Construction drives rise in GDP

Construction drives rise in GDP

19 June 2014

Strong growth in construction led to a 1.0 percent rise in gross domestic product (GDP) in the March 2014 quarter, Statistics New Zealand said today.

Construction activity grew 12.5 percent, due to large rises in residential and non-residential building. Growth in construction activity was strong in Canterbury and in the rest of the country.

"Construction was responsible for two-thirds of GDP growth this quarter," national accounts manager Gary Dunnet said. "This is the largest increase in construction in 14 years."

This is the third consecutive quarter in which GDP has grown by 1.0 percent or more. GDP growth for the year ended March 2014 was 3.3 percent.

The expenditure measure of GDP rose 1.3 percent in the March 2014 quarter. Growth in construction activity was reflected in a 2.1 percent rise in investment. Rises in residential and non-residential building were partly offset by falls in plant, machinery, and equipment and intangible assets.

Spending by New Zealand households was flat, while spending by tourists increased 7.7 percent. Higher tourist spending also drove an increase in exports of travel services, which contributed to a 3.1 percent rise in exports.

The size of the economy (in current prices) was $227 billion for the year ended March 2014.

For more information about these statistics:
• Visit Gross Domestic Product: March 2014 quarter

© Scoop Media

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