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Financial News: New Zealand Q2 GDP Tumbles 12.2% On Quarter

New Zealand Q2 GDP Tumbles 12.2% On Quarter

09/16/2020 - 19:45:00 (RTTNews)

(RTTNews) - New Zealand's gross domestic product dropped 12.2 percent on quarter in the second quarter of 2020, Statistics New Zealand said on Thursday - marking the country's largest single-quarter decline on record.

That actually beat forecasts for a decline of 12.8 percent following the 1.6 percent drop in the previous three months.

Service industries fell 10.9 percent on quarter, while primary industries were down 8.7 percent and goods producing industries fell 16.3 percent.

GDP per capita fell 12.6 percent, while real gross disposable national income was down 12.3 percent and annual GDP in the year to June 2020 declined by 2.0 percent.

On a yearly basis, GDP sank 12.4 percent - again exceeding expectations for a fall of 13.3 percent after easing 0.2 percent in the three months prior.

Household spending declined 12.1 percent in June 2020 quarter, with falls across all expenditure categories. Households spent less on services such as restaurant meals and ready-to-eat food, domestic air passenger services, and recreation and cultural activities.

Non-durable goods fell 11.1 percent, with lower spending on alcoholic beverages and petrol leading the fall. Durable goods declined 14.1 percent, driven by fewer purchases of used and new motor vehicles.

Imports of goods and services recorded a large fall of 24.6 percent in Q2, driven primarily by a 21.2 percent decline in goods imports. This was driven by reduced demand for intermediate goods such as primary fuels and lubricants; and capital goods such as transport equipment, plant, and machinery.

The 33.0 percent fall in imports of services and the 39.9 percent fall in exports of services were driven by sharp falls in travel services and transport services, which continue to be heavily impacted by the closure of New Zealand's border and travel restrictions around the world.

Exports of goods fell 7.0 percent, with agricultural, meat, and dairy product exports performing relatively well. This contrasted against larger declines seen in metal products; other food, beverages, and tobacco; and wood and paper products.

Expenditure on gross fixed capital formation fell 20.8 percent. The decline was driven by falls in residential and non-residential construction, as well as reduced investment in plant, machinery, and equipment.

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