New Zealadn GDP Up by 0.8%
December 30, 2011 New Zealand Finance
New Zealand’s GDP showed an improvement over the September quarter, with particularly high growth especially in the manufacturing sector.
On December 22nd Statistics New Zealand released the national Gross Domestic Product (GDP) figures for the September quarter, showing that the country’s economic production grew by 0.8 percent in the three month ending in September.
According to Rachel Milicich, the national accounts manager of Statistics New Zealand, throughout the September quarter economic activity was significantly increased in the retail sector, the accommodation industry, and the hospitality industry. The manufacturing sector saw the largest increase in economic activity since 2002, especially from the production of beverage and tobacco products.
During the three months, economic activity in the manufacturing sector increased by 2.3 percent. The retail and restaurant sector saw production increases of 2.5 percent. The finance and business service sector only rose by 0.6 percent. Economic activity in the construction industry was recorded to have contracted by 2.2 percent.
For the 9 months ending in September, economic production in New Zealand grew by 1.3 percent, and the country’s gross national disposable income rose by 2.8 percent.