New Zealand Economy Expands 0.8% in March Quarter

MT Newswires Live06-18

New Zealand's economy expanded 0.8% in the March quarter, following a 0.5% expansion in the previous quarter, Stats NZ data showed Thursday.

The consensus forecast is for an expansion of 0.9%, according to Trading Economics.

Nine out of 16 industries recorded higher economic activity in the March quarter, with manufacturing leading gross domestic product (GDP) growth at 1.9%, followed by business services and wholesale trade, according to Stats NZ.

"New Zealand's manufacturing industry is a large and diverse sector of the economy, making up around 8% of GDP," general manager and macroeconomic spokesperson Jason Attewell said.

Mining was the largest negative contributor to GDP in the March quarter, falling nearly 12%, mainly due to a decline in oil and gas extraction, while construction fell by 1% in the March quarter.

"Declines in both residential and non-residential building contributed to the overall fall in construction activity in this period," Attewell said.

GDP per capita rose 0.5% in the March quarter.

The expenditure measure of GDP rose 1% in the March quarter, following a 0.4% increase in the previous quarter, with imports and exports volume rising 4.2% and 3.1%, respectively.

Household consumption expenditure increased 0.5% in the March quarter, following a 0.1% decline in the previous quarter, driven by higher spending on audio-visual equipment, used motor vehicles, and grocery foods.

Gross fixed capital formation rose 2% in the March quarter, driven by higher business investment in fixed assets, particularly plant, machinery, and equipment.

In the year ended March, GDP rose 0.8% compared with the year-earlier period.

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