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Gross Domestic Product: March 2017 quarter
Embargoed until 10:45am  –  15 June 2017
Key facts

Economic activity, as measured by gross domestic product (GDP), grew 0.5 percent in the March 2017 quarter, following 0.4 percent growth in the December 2016 quarter.

The main movements by industry were:

  • Agriculture was up 4.3 percent, driven by higher milk production. This was the highest quarterly growth for agriculture since September 2014.
  • Retail trade and accommodation was up 1.8 percent, driven by an increase in motor vehicles and parts.
  • Manufacturing was up 1.0 percent, with transport equipment, machinery and equipment manufacturing being the largest contributor.
  • Construction was down 2.1 percent, with all construction industries decreasing. This was the first fall since June 2015.
  • Transport, postal, and warehousing was down 2.0 percent, in part due to lower transport support services.

Expenditure on gross domestic product grew 0.2 percent in the March 2017 quarter

The main movements in GDE were:

  • Household consumption expenditure was up 1.3 percent, driven by spending on durable goods and services.
  • Investment in fixed assets was up 1.2 percent, due to increased investment in plant, machinery and equipment.
  • Inventories built up $338 million, due to distribution inventories.
  • Exports of goods and services was down 0.4 percent, due to exports of dairy products.
  • Imports of goods and services was up 1.3 percent, in part due to imports of consumption goods and passenger cars.

Image showing GDP growth in the March 2017 quarter, by industry.

 Image showing size of the economy and increases and decreases in GDP by component, March 2017 quarter.

 

Liz MacPherson, Government Statistician
ISSN 1178-0290
15 June 2017

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