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Gross Domestic Product: March 2015 quarter
Embargoed until 10:45am  –  18 June 2015
Key facts

Economic activity, as measured by gross domestic product (GDP), grew 0.2 percent in the March 2015 quarter.

The main movements by industry were: 

  • agriculture was down 2.3 percent, due to lower milk production
  • mining was down 7.8 percent, due to decreased exploration activity, and oil and gas extraction
  • business services was up 2.1 percent, due to scientific, architectural and engineering, and veterinary services
  • retail trade and accommodation was up 2.4 percent, as overseas tourist spending increased
  • transport, postal, and warehousing was up 2.5 percent, due to international air transport.

Expenditure on gross domestic product (GDE) grew 0.1 percent in the March 2015 quarter.

The main movements in GDE were:

  • household consumption expenditure was up 0.7 percent, due to increased spending on durable goods
  • exports of goods and services were up 1.5 percent, and imports of goods and services were up 1.0 percent
  • inventories built up $106 million, due to agriculture and forestry inventories
  • investment in fixed assets was down 1.9 percent, due to decreases in machinery and equipment, and intangibles. This was partly offset by an increase in construction investment.

 

Graph, GDP grew 0.2% in the March 2015 quarter. Primary fell 2.9%, goods-producing increased 0.6%, and services increased 0.7%. Primary made up 9% of the economy, while goods-producing was 21% and services 70%. Primary contributed -0.2% to GDP growth for the quarter, while goods-producing contributed 0.1% and services contributed 0.4%.

Graph, Size of New Zealand economy was about $240 billion in the March 2015 year. Household spending was about $135 billion, government spending was about $45 billion, investment was about $55 billion. Exports were about $65 billion, while imports were about $65 billion.

Liz MacPherson, Government Statistician
ISSN 1178-0290
18 June 2015

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