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New Zealand economy grows to $153.59 billion

Staff writer |
New Zealand's economy grew by 0.4 percent in the quarter to the end of June, according to official statistics. The service industries were up 0.5 percent, driven by business services and rental, hiring and real estate services.

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Growth in services and primary industries supported the increase in GDP in the June quarter, with agricultural production up 3 percent due to increased meat and dairy farming, said the government's Statistics New Zealand agency.

"Despite falling milk prices, we're seeing growth in dairy production," national accounts manager Gary Dunnet said in a statement.

"But over the year, agriculture is up only a little, due to dry conditions last summer."

Food, beverage and tobacco manufacturing was also up in the June 2015 quarter, due to strong dairy product manufacturing, while mining rose by 2.5 percent, driven by oil and gas extraction.

Domestic demand was strong, up 1.3 percent, and household spending was up 0.9 percent, while business investment was up 2.2 percent, but this was offset by falling exports and rising imports.

The size of the economy was 241 billion NZ dollars ($153.59 billion), up 2.4 percent from the June quarter last year.

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