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Financial News: New Zealand GDP Rises 0.7% On Quarter In

New Zealand GDP Rises 0.7% On Quarter In Q3

12/18/2019 - 18:50:00 (RTTNews)

(RTTNews) - New Zealand's gross domestic product expanded a seasonally adjusted 0.7 percent on quarter in the third quarter of 2019, Statistics New Zealand said on Thursday.

That beat forecasts for an increase of 0.5 percent following the 0.1 percent gain in the three months prior.

Service industries, which make up two-thirds of the economy, grew 0.4 percent this quarter, following a rise of 0.8 percent in June 2019 quarter. The goods-producing industries and primary industries both saw growth after falls in the previous quarter, rising by 0.5 percent and 1.1 percent, respectively.

On a yearly basis, gross domestic product climbed 2.7 percent - also beating forecasts and up from the 2.1 percent increase in the second quarter.

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