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GDP up 1.0 percent
Embargoed until 10:45am  –  18 December 2014

Gross Domestic Product: September 2014 quarter  –  Media Release

Gross domestic product (GDP) was up 1.0 percent in the September 2014 quarter, Statistics New Zealand said today. The growth was driven by primary industries, which increased 5.8 percent

"This is some of the strongest growth in primary industries for 15 years," national accounts manager Gary Dunnet said. "Milk production had a good start to the season, while oil exploration, and oil and gas extraction also grew."

The key drivers in the September 2014 quarter were agriculture (up 4.7 percent), and mining (up 8.0 percent). In contrast, forestry and logging was down 4.0 percent.

Manufacturing activity also grew (2.0 percent), led by increases in metal product manufacturing (up 4.9 percent), and machinery and equipment manufacturing (up 3.7 percent).

"Service industries were mixed this quarter, with rises in telecommunications and retail being offset by falls in transport and business services," Mr Dunnet said.

GDP growth for the year ended September 2014 was 2.9 percent.

The expenditure measure of GDP rose 1.3 percent in the September 2014 quarter. Household spending was up 1.5 percent, driven by a 4.0 percent increase in durables – including used motor vehicles and furniture. This is the highest quarterly increase in durables since before the global financial crisis. Investment also increased (3.5 percent), mainly due to increased spending on machinery and transport equipment.

The size of the economy (in current prices) was $237 billion for the year ended September 2014.

Ends

For media enquiries contact: Daniel Lensen, Wellington 04 931 4600, info@stats.govt.nz
Authorised by Liz MacPherson, Government Statistician, 18 December 2014

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