New Zealand GDP Growth Beats Expectations in Q3
In the third quarter of 2013, New Zealand economy expanded 1.5 percent over the previous quarter, the largest increase since the December 2009 quarter. The strong increase in dairy production was the main contributor to a 17.0 percent rise in agriculture, the largest in more than 25 years.
Dairy product manufacturing also increased this quarter, which contributed to a 1.5 percent rise in total manufacturing. While manufacturing production was up, exports of dairy products fell this quarter, leading to a build-up of inventories. The $770 million increase in total inventories this quarter is the largest build-up since the series began.
Increases in agriculture and manufacturing production were partly offset by declines in construction (down 1.0 percent), as falls in infrastructure and commercial construction outweighed an increase in housing construction. Investment in housing was up 8.5 percent from the previous quarter. Business services went down 0.8 percent, with most sub-industries down, except for architectural and engineering services.
12/18/2013 10:02:45 PM