FOREX TradingCharts.com

Financial News: New Zealand GDP Contracts 1.6% On Quarter In

New Zealand GDP Contracts 1.6% On Quarter In Q1

06/17/2020 - 19:45:00 (RTTNews)

(RTTNews) - New Zealand's gross domestic product shrank 1.6 percent on quarter in the first quarter of 2020, Statistics New Zealand said on Thursday.

That missed expectations for a decline of 1.0 percent following the 0.5 percent increase in the previous three months.

Service industries were down 1.1 percent on quarter, while primary industries fell 1.0 percent and goods-producing industries dropped 2.7 percent.

GDP per capita was down 2.2 percent and real gross disposable national income was down 1.6 percent.

On a yearly basis, GDP was up 1.5 percent - beating expectations for an increase of 0.3 percent and slowing from 1.8 percent in the three months prior.

Eight of the 11 service industries experienced falls in Q1, reflecting the decline in international visitors and the impacts of the lockdown measures on domestic activity. The alert level 4 lockdown affected the last six days, or about 7 percent, of the first quarter. Activity was limited to essential services only during this period. The restrictions affected the activity of most industries.

A 5.2 percent fall in transport, postal, and warehousing services was led by declines in air transport and transport support services. Retail, accommodation, and restaurants fell 2.2 percent, driven by a 7.8 percent decline in accommodation and food services. These industries were affected by the fall in international visitors, as countries imposed travel restrictions and closed their borders.

Education fell 1.7 percent due to the impact of the lockdown on delivery of some education services, such as early childhood education, and reduced international student numbers.

All three goods-producing industries were down in the March quarter. Construction was the greatest contributor to the drop, declining 4.1 percent. Most construction activity was not deemed essential during the alert level 4 lockdown.

Household spending declined 0.3 percent in the March 2020 quarter. This was influenced by weaker household spending on services, with restaurant meals and ready-to-eat food, international air passenger services, and accommodation services all contributing to the fall.

Household spending on durable goods fell 2.8 percent, with new and used motor vehicles contributing the most to the drop. The fall in household spending was partly offset by a rise of 5.4 percent in spending on non-durable goods.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Australia Consumer Confidence Lowest In Nearly Two Months As Covid-19 Cases Surge: ANZ-Roy Morgan (02 min(s), 36 sec(s) ago)
(RTTNews) - Australia's consumer confidence eased to its lowest level in nearly two months in ...Full Story»

Australia Retains Interest Rate, Asset Purchase Programme As Expected (09 min(s), 36 sec(s) ago)
(RTTNews) - Australia's central bank kept its key interest rate at a record low and the target ...Full Story»

European Economics Preview: Germany Industrial Production Data Due (51 min(s), 36 sec(s) ago)
(RTTNews) - Industrial production from Germany and house prices from the UK are due on Tuesday, he ...Full Story»

Fed's Bostic Warns US Recovery May Be Stalling: FT (59 min(s), 36 sec(s) ago)
(RTTNews) - US economic recovery may be "leveling off" as activity could be dampened amid a recent ...Full Story»

Australia Keeps Interest Rate, QE Unchanged (01 hr(s), 34 min(s), 36 sec(s) ago)
(RTTNews) - Australia's central bank maintained its key interest rate and the target yield on ...Full Story»

Australia Performance Of Services Index Slips In June - AiG (45 min(s), 24 sec(s) ago)
(RTTNews) - The services sector in Australia continued to contract in June, and at a slightly fast ...Full Story»

Japan Household Spending Tumbles 16.2% In May (29 min(s), 24 sec(s) ago)
(RTTNews) - The average of household spending in Japan was down 16.2 percent on year in May, the M ...Full Story»

South Korea Has $2.29 Billion Current Account Surplus (55 min(s), 24 sec(s) ago)
(RTTNews) - South Korea had a current account surplus of $2.29 billion in May, the Bank of Korea s ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Australia Consumer Confidence Lowest In Nearly Two Months As Covid-19 Cases Surge: ANZ-Roy Morgan

07/07/2020 - 02:17 AM (RTTNews)
(RTTNews) - Australia's consumer confidence eased to its lowest level in nearly two months in ...Full Story>>

Australia Retains Interest Rate, Asset Purchase Programme As Expected

07/07/2020 - 02:10 AM (RTTNews)
(RTTNews) - Australia's central bank kept its key interest rate at a record low and the target ...Full Story>>

European Economics Preview: Germany Industrial Production Data Due

07/07/2020 - 01:28 AM (RTTNews)
(RTTNews) - Industrial production from Germany and house prices from the UK are due on Tuesday, he ...Full Story>>

Fed's Bostic Warns US Recovery May Be Stalling: FT

07/07/2020 - 01:20 AM (RTTNews)
(RTTNews) - US economic recovery may be "leveling off" as activity could be dampened amid a recent ...Full Story>>

Australia Keeps Interest Rate, QE Unchanged

07/07/2020 - 00:45 AM (RTTNews)
(RTTNews) - Australia's central bank maintained its key interest rate and the target yield on ...Full Story>>

Do not sell my personal information

Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.