Sharechat Logo

NZ GDP up 0.8 pct in March quarter


Thursday 14th July 2011

Text too small?

New Zealand's economy confounded the experts in the March quarter, with data from Statistics New Zealand (SNZ) showing gross domestic product grew at 0.8 percent in the three month period.

The median forecast from economists had been for growth of 0.4 percent.

For the year GDP was up 1.5 percent, compared to the 1.2 percent forecast.

The figures, released at 10.45am, sent the already soaring New Zealand dollar to new heights around US84.90c, a whole cent higher than the previous post-float record reached only a few hours earlier.

SNZ national accounts manager Rachael Milicich said the strong growth in the latest quarter despite the February 22 earthquake in Christchurch was mainly due to manufacturing.

"While some businesses in Christchurch were adversely affected, the vast majority were able to continue operating, and the earthquake resulted in some activity that would not normally have taken place."

Manufacturing activity rose 3.6 percent in the March quarter, with large increases in machinery, metal product, and food and beverage manufacturing.

Real estate and business services were up 1 percent in the quarter due to rises in business services, but construction activity was down 4.3 percent.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto