Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


New Zealand economy grows slowly

New Zealand economy grows slowly

Gross Domestic Product - September 2009 quarter:

Economic activity, as measured by gross domestic product (GDP), was up 0.2 percent in the September 2009 quarter, Statistics New Zealand said today. This follows a 0.2 percent increase in the June 2009 quarter. These small increases in economic activity follow five quarters of contraction in the New Zealand economy. In level terms, economic activity during the September 2009 quarter was 2.9 percent lower than in the December 2007 quarter when economic activity last peaked.

"The economy continued to grow slowly in the September 2009 quarter, and the picture across industries was mixed," said National Accounts manager Rachael Milicich. "On the production side of the economy, mining and business services showed the largest increases."

By industry, the largest movements were:

• real estate and business services, up 2.2 percent, driven by business services

• mining activity, up 11.1 percent, driven by an increase in both extraction (mainly offshore oil production), and exploration (as measured by metres drilled) • manufacturing activity, down 1.9 percent, and now back to the June 1999 quarter level

• construction activity, down 4.4 percent, the sixth decrease in the last seven quarters.

The expenditure measure of GDP, which is released concurrently with the production measure and is conceptually the same, was also up 0.2 percent in the September 2009 quarter. The production measure of GDP shows the volume of goods and services produced during the period, while the expenditure measure of GDP shows how those goods and services were used.

The volume of spending by New Zealand households was up 0.8 percent in the September 2009 quarter.

Spending on durable goods (big-ticket items such as furniture, appliances, and cars) was up 2.0 percent, and spending on services also increased. Household spending on non-durables (which includes alcohol and food) fell 0.8 percent.

Investment in fixed assets, measured by gross fixed capital formation, was down 1.8 percent in the September 2009 quarter. The largest contributors to the decline were plant, machinery, and equipment investment (down 8.0 percent), other construction, which includes roads and bridges (down 9.3 percent), and residential building (down 5.0 percent).


© Scoop Media

Business Headlines | Sci-Tech Headlines


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>

Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>

Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>

Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>

Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>