New Zealand’s GDP up by 0.3 Percent

June 20, 2013 New Zealand Finance

New Zealand economyNew Zealand’s economic growth has increased moderately, but some poor conditions have constrained the rise.

In a statement issued on June 20th Statistics New Zealand announced that the gross domestic product of New Zealand for the March 2013 quarter rose by 0.3 percent, down from 1.5 percent in the December 2012 quarter.

According to Statistics New Zealand, the economic activity surrounding the rebuild of the Canterbury region helped buoy economic growth, but “…the rest of the economy was a mixed bag”.

The largest rise in activity was seen in the building sector and the business services sector, which rose by 5.5 percent and 3.9 percent respectively.

The most significant decline was seen in the agricultural sector, which fell by 4.7 percent due dry weather and draughts over the course of the year.

The economic activity of New Zealand for the 12 month ending March 2013 was up by 2.5 percent.

Photo by jthornett