19 Sep 2013
New Zealand GDP Q2 upbeat, despite Q2 drought
FXstreet.com (Barcelona) - New Zealand Gross Domestic Product (QoQ) (Q2) came at +0.2% vs 0.1% expected and + 0.3% last. The yearly reading stood at +2.5% vs 2.1% exp and 2.4% last.
Surprisingly, the GDP was not much affected by the after-effects of the Q2 drought, which as noted by ANZ in a note to clients, "caused sharp falls in agricultural production, falls in mining, and offsetting movements in other components." T
From NZ bureau of stats
GDP: "Business services (up 2.6 percent), construction (up 2.3 percent), and retail trade and accommodation (up 2.1 percent) were the main drivers of growth. Agriculture (down 6.4 percent) had the largest decline. Economic activity for the year ended June 2013 was up 2.7 percent."
Expenditure on GDP: "The expenditure measure of GDP was up 0.1 percent in the June 2013 quarter. Household consumption expenditure (up 1.5 percent) and gross fixed capital formation (up 3.8 percent) had the largest increases. Exports of goods and services decreased 5.9 percent, driven by a fall in export volumes of dairy products (down 16.8 percent). For the year ended June 2013, expenditure on GDP was up 2.7 percent."
Surprisingly, the GDP was not much affected by the after-effects of the Q2 drought, which as noted by ANZ in a note to clients, "caused sharp falls in agricultural production, falls in mining, and offsetting movements in other components." T
From NZ bureau of stats
GDP: "Business services (up 2.6 percent), construction (up 2.3 percent), and retail trade and accommodation (up 2.1 percent) were the main drivers of growth. Agriculture (down 6.4 percent) had the largest decline. Economic activity for the year ended June 2013 was up 2.7 percent."
Expenditure on GDP: "The expenditure measure of GDP was up 0.1 percent in the June 2013 quarter. Household consumption expenditure (up 1.5 percent) and gross fixed capital formation (up 3.8 percent) had the largest increases. Exports of goods and services decreased 5.9 percent, driven by a fall in export volumes of dairy products (down 16.8 percent). For the year ended June 2013, expenditure on GDP was up 2.7 percent."