GDP growth steady at 0.6 percent
20 June 2019
Gross domestic product increased 0.6 percent in the March 2019 quarter, following a 0.6 percent rise in the December 2018 quarter, Stats NZ said today.
“Construction was the main contributor to GDP growth this quarter, rising 3.7 percent, on top of a 2.2 percent increase in the previous quarter,” national accounts senior manager Gary Dunnet said.
The increase in construction reflected higher investment in both residential and non-residential buildings.
The strong contribution from construction was tempered by subdued results in the service industries, which represent about two-thirds of the economy. Service industries experienced their lowest quarterly growth since the September 2012 quarter, rising 0.2 percent this quarter.
Service industries that recorded increases were health care and social assistance; transport, postal, and warehousing; and financial and insurance services. These rises were offset by falls in retail trade and accommodation; rental, hiring, and real estate services; and information media and telecommunications.
The small rise in the service industries was in line with household expenditure on services during the quarter. Household expenditure on services increased 0.3 percent, the lowest quarterly increase since the December 2014 quarter.
GDP per capita was up 0.1 percent in the March 2019 quarter.
Annual GDP growth for the year ended March 2019 was 2.7 percent, while the size of the economy in current prices was $296 billion.
Text alternative for Gross domestic product, industry growth and contribution to growth, March 2019 quarter
Image shows a column graph, pie chart, and bar chart showing growth, share of the economy, and contribution to growth in the March 2019 quarter for the primary, goods-producing, and services industries. Column chart shows the service industries grew 0.2 percent, goods-producing grew 2.0 percent, and primary declined 0.7 percent. Pie chart shows that service industries make up about two-thirds of GDP, goods-producing about one-fifth and primary about one-twentieth. Bar chart shows industry contribution to the GDP growth rate: primary 0.0 percentage points, goods-producing 0.4 percentage points, and services 0.1 percentage points.
See Gross domestic product: March 2019 quarter video.
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