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Gross Domestic Product: June 2005 quarter

29 September 2005

Gross Domestic Product: June 2005 quarter

Growth Strengthens in June 2005 Quarter

Economic activity increased 1.1 percent in the June 2005 quarter, Statistics New Zealand said today. This follows increases of 0.7 and 0.2 percent in the March 2005 and December 2004 quarters, respectively. In the year ended June 2005 the economy grew 3.1 percent, down from the 4.2 percent increase recorded in the June 2004 year. The June 2005 quarter increase in gross domestic product (GDP) was driven by strong business investment and household spending.

Investment in non-residential buildings rose 18.0 percent, while investment in transport equipment rose 15.2 percent. There was a further build-up in inventories, particularly wholesale and retail inventories. Household consumption expenditure rose 0.7 percent, and was up 5.8 percent for the June 2005 year. Export volumes rose 1.0 percent in the June 2005 quarter, and were up 0.5 percent for the June 2005 year.

Exports of services drove this quarter's rise (up 4.3 percent), with increases in almost all services. Exports of goods rose marginally (up 0.1 percent). Import volumes increased 4.2 percent, and were up 10.1 percent for the June 2005 year. Imports of goods rose 4.4 percent, with large increases in capital goods (up 12.2 percent), consumption goods (up 5.9 percent), and passenger motor vehicles (up 10.2 percent). Imports of services rose 3.2 percent.

From an industry perspective, economic growth this quarter was largely due to increased activity in the service industries (up 1.0 percent). Most service industries recorded rises this quarter, and for the June 2005 year activity in these industries was up 4.4 percent. Quarterly and annual activity in the distribution industries has been strong.

Wholesale trade rose 2.5 percent this quarter, and was up 5.9 percent for the June 2005 year, while retail trade rose 1.4 percent this quarter, and was up 6.5 percent for the June 2005 year. Activity in goods-producing industries rose 0.6 percent in the June 2005 quarter, with the lift in construction activity (up 2.3 percent) the main contributor.

Activity in primary industries (up 0.5 percent) also rose this quarter, but was down 0.9 percent for the June 2005 year. @ The expenditure-based measure of GDP, released concurrently with the production-based measure, recorded a 1.3 percent increase for the June 2005 quarter compared with the March 2005 quarter.

Real gross national disposable income, which is a measure of the volume of goods and services New Zealand residents have command over, increased 2.3 percent in the June 2005 year.

Brian Pink

Government Statistician

ENDS


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