New Zealand Economy Expands 0.2% in June Quarter

MT Newswires Live07:09

New Zealand's economy expanded 0.2% in the June quarter, following a 0.9% expansion in the previous quarter, Stats NZ data showed Thursday.

The consensus forecast is for an expansion of 0.1%, according to Trading Economics.

Nine out of 16 industries recorded higher economic activity in the June quarter, with construction leading gross domestic product (GDP) growth at 2.7%, followed by public administration and safety, according to Stats NZ.

"An increase in residential building activity contributed to the overall growth in the construction industry in the June quarter," general manager and macroeconomic spokesperson Jason Attewell said.

Transport, postal, and warehousing was the largest negative contributor to GDP in the June quarter, declining 1.7%, followed by retail trade and accommodation, which fell 1%.

GDP per capita rose 0.1% in the June quarter.

The expenditure measure of GDP rose 0.4% in the June quarter, following a 1.1% increase in the previous quarter, as export volumes rose 3.3% while import volumes fell 0.8%.

Gross fixed capital formation rose 1.5% in the June quarter, driven by a 4.4% increase in spending on residential building work, which was reflected in higher construction activity over the period.

In the year ended June, GDP rose 1.7% compared with the year-earlier period.

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