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New Zealand economy down in 2010
Embargoed until 10:45am  –  16 September 2011

Annual Enterprise Survey: 2010 financial year (provisional)  –  Media Release

The 2010 financial year was a difficult time for New Zealand businesses, Statistics New Zealand said today. Economic activity contracted due to reduced domestic and external demand. Both total income and total expenditure fell.

Total income for all New Zealand businesses decreased 4.2 percent, to $549.6 billion, in the 2010 financial year. This follows a small increase in total income in 2009. This is the first fall in annual total industry income since the redeveloped Annual Enterprise Survey series began in 1999.

"These results show how the challenging economic climate in 2010 affected the financial performance of New Zealand businesses," industry and labour statistics manager Neil Kelly said. "The finance industry bore the brunt, but manufacturing and distribution industries were also affected by flat household spending and falling exports."

The financial and insurance services industry group showed the largest decrease in total income, down $10.3 billion (13.8 percent) to $64.2 billion. This was mostly due to falls in interest and dividends received. The health care and social assistance industry group had the largest increase in total income, rising $1.3 billion (5.7 percent) to $24.5 billion.

Total expenditure for all New Zealand businesses fell to $497.7 billion in 2010, down 7.2 percent. Purchases and other operating expenses, which formed the largest component of total expenditure, decreased 3.8 percent, following a 2.0 percent increase in the 2009 financial year.

Although both total income and total expenditure decreased in 2010, surplus before income tax increased $12.2 billion (31.8 percent) from the 2009 financial year, to $50.8 billion. This was primarily because non-operating expenditure fell $14.4 billion.

Other financial variables, and economic ratios by industry, are available in Annual Enterprise Survey: 2010 financial year (provisional), and at a more detailed level on request. 

The Annual Enterprise Survey is New Zealand’s most comprehensive source of financial statistics, providing annual financial performance and financial position information about businesses operating within New Zealand. The industries covered in the survey contribute approximately 90 percent of New Zealand’s gross domestic product.


Geoff Bascand  16 September 2011
Government Statistician  

For media enquiries contact: 
Neil Kelly
Christchurch 03 964 8957

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