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Financial News: New Zealand GDP Climbs 0.8% On Quarter In

New Zealand GDP Climbs 0.8% On Quarter In Q2

09/20/2017 - 19:46:00 (RTTNews)

(RTTNews) - New Zealand's gross domestic product expanded 0.8 percent on quarter in the second three months of 2017, Statistics New Zealand said on Thursday.

That was in line with expectations following the upwardly revised 0.6 percent increase in the three months prior (originally 0.5 percent).

Retail trade and accommodation was up 2.8 percent, driven by an increase in accommodation and food and beverage services.

Manufacturing was up 1.8 percent, with food, beverage, and tobacco product manufacturing being the largest contributor. Transport, postal, and warehousing was up 3.5 percent, due to road transport.

Construction was down 1.1 percent, with all construction industries decreasing.

Expenditure on gross domestic product grew 1.1 percent in the June 2017 quarter.

Exports of goods and services gained 5.2 percent, due to exports of dairy products and higher tourist spending.

Household consumption expenditure was up 0.9 percent, driven by spending on services, and durable goods.

Inventories were run down $228 million, due to manufacturing inventories.

Investment in fixed assets was down 0.8 percent, due to lower investment in residential building, non-residential building, and other construction.

Imports of goods and services gained 0.6 percent, due to imports of intermediate goods and capital goods.

On a yearly basis, GDP was up 2.5 percent - unchanged and in line with forecasts.

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