GDP growth underpinned by forestry
Wednesday 26 Sep 2018GDP rises 1 percent in June quarter - Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years.
Growth was broad-based, with 15 of 16 industries recording higher production. Mining was the only industry to decline, reflecting one-off factors.
“Once again service industries led growth. Goods-producing and primary industries also saw rises this quarter,” national accounts senior manager Susan Hollows said.
The largest contribution to growth came from agriculture, up 4.2 percent.
Growth of 1.0 percent in the service industries was broad-based, with all industries recording a lift.
“The real strength of services this quarter lay in a consistent performance across a range of industries,” Mrs Hollows explained.
Retail trade and accommodation, wholesale, and transport industries all rose, reflecting higher household spending.
Within primary industries, agriculture’s strong performance was supported by growth in forestry. A 20 percent fall in mining – its largest fall in 29 years – provided a strong offset.
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