More good news – as if we needed it

Statistics New Zealand reports

Strong growth in service industries saw gross domestic product (GDP) rise 0.7 percent in the June 2014 quarter, Statistics New Zealand said today.

?Services make up about two-thirds of the economy and all 11 services industries increased this quarter,? national accounts manager Gary Dunnet said. ?The biggest increases were in industries that include advertising, employment services, and software development.”

Overall, services increased 1.4 percent, the highest growth since the December 2006 quarter. Business services (up 4.2 percent) was the main driver, although accommodation and food services increased 3.0 percent. These increases were partly offset by a 3.1 percent decrease in primary industries, where agriculture, forestry, and mining all fell.

GDP growth for the year ended June 2014 was 3.5 percent. This is the highest annual growth since the September 2007 quarter.

The expenditure measure of GDP rose 0.5 percent in the June 2014 quarter. Domestic demand (spending and investment by New Zealanders) increased 2.2 percent, while exports fell and imports rose.

The size of the economy (in current prices) was $229 billion for the year ended June 2014. GDP per capita was $51,190 for the same period.

Strongest GDP since 2007.

GDP growth stagnated during the Labour government. ?Good to know we’re clawing our way back out after the GFC and under pressure of the Christchurch earthquakes.

spch-09dec05-01

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