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

 

Services lead GDP growth


19 September 2019


Gross domestic product increased 0.5 percent in the June 2019 quarter, following a 0.6 percent rise in the March 2019 quarter, Stats NZ said today.

“Service industries, which represent about two-thirds of the economy, were the main contributor to GDP growth in the quarter, rising 0.7 percent off the back of a subdued result in the March 2019 quarter,” national accounts senior manager Gary Dunnet said.

The service industries recorded broad based growth, with eight of the 11 industries showing positive results in the June 2019 quarter. Household expenditure on services saw a corresponding increase, rising by 0.5 percent.

Goods producing industries fell 0.2 percent in the June quarter, driven by declines in manufacturing and construction.

“Both of these industries rose in the March 2019 quarter,” Mr Dunnet said.

“This quarter, lower investment in non-residential building and a decline in food, beverage, and tobacco manufacturing led to the falls.”

The size of New Zealand’s economy in annual current price terms hit a milestone in the June 2019 quarter, reaching $300 billion for the first time.

“It took about fourteen years for the economy to go from $100 billion to $200 billion, and nine years to reach $300 billion,” Mr Dunnet said.


Text alternative for Gross domestic product, industry growth and contribution to growth, June 2019 quarter

Image shows a column graph, pie chart, and bar chart showing growth, share of the economy, and contribution to growth in the June 2019 quarter for the primary, goods-producing, and services industries. Column chart shows the service industries grew 0.7 percent, primary grew 0.7 percent, and goods-producing declined 0.2 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 0.0 percentage points, and services 0.5 percentage points.

Video

View a video summary of the Gross domestic product: June 2019 quarter on the Stats NZ YouTube channel after 11am today.

The Government Statistician authorises all statistics and data we publish.

For more information about these statistics:
• Visit Gross domestic product: June 2019 quarter
• See CSV files for download

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Official Cash Rate Unchanged At 1 Percent

The Monetary Policy Committee has decided to keep the Official Cash Rate (OCR) at 1.0 percent. Employment remains around its maximum sustainable level while inflation remains below the 2 percent target mid-point but within our target range... More>>

ALSO:

Food Prices: Avocados At Lowest Price In Almost Three Years

Avocados are at their cheapest average price since February 2017, with tomato, lettuce, and cucumber prices also falling, Stats NZ said today. More>>

Auckland Port Move: Cabinet Ministers Deliberate On Report

Cabinet ministers now have a copy of a report urging the government to move the Auckland port up north, but say no final decisions have been made. More>>

ALSO:

Toxicology Tests Planned: Dead Rats Washed Up On Beaches

As many as 600 rats washed up on Westport's North Beach over the weekend to the horror of locals. DOC said they may have been killed by a recent 1080 poison drop 140km away and washed down the Buller River after heavy rain battered the coast. More>>

ALSO: