New Zealand GDP Up in Q4 2011
March 23, 2012 New Zealand Finance
The level of economic activity seen in New Zealand’s over the last year increased, but not by as much as the government had forecast.
On March 22nd Statistics New Zealand released the latest quarterly report on the Gross Domestic Product (GDP) of New Zealand, which showed mild levels of economic growth throughout 2011.
According to Statistics New Zealand, the national GDP level rose by 1.4 percent over the year ended December 2011, and the level of economic activity in New Zealand grew by 0.3 percent during the December quarter of 2011. Analysis completed by Statistics New Zealand also indicates that the level of economic activity during the quarter was nearly 1.8 percent higher compared to the same period in 2010.
The newly released report shows that the agriculture industry experienced the highest level of growth in New Zealand, with a 3.5 percent rise in activity over the December quarter.
Cumulatively, the accommodation, retail and hospitality industries saw the second highest levels of economic improvement, with an increase of approximately 2.2 percent over the quarter. Statistics New Zealand explained that the increase included the upward effects of last year’s Rugby World Cup.
The New Zealand Minister of Finance Bill English conceded that the economic growth seen in the December quarter was below expectations, but added that quarterly results are often prone to fluctuations, and the government is more concerned with long term growth.
Photo by Sandy Austin