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GDP increase across board

Posted on 21 December, 2016

Gross domestic product rose 1.1 percent in the September 2016 quarter, following an increase of 0.7 percent in the June 2016 quarter. According to Statistics New Zealand, 13 of the 16 industries were up, with the main weakness coming from the agriculture sector. "This quarter’s rise points to broad-based growth,” national accounts senior manager Gary Dunnet said. Household spending continued its strong growth, increasing 1.6 percent this quarter, following a 2.0 percent increase in the June quarter. Service industries continued to grow, increasing 1.1 percent in the September quarter. Manufacturing activity rose on the back of food, beverage, and tobacco manufacturing; and transport equipment, machinery and equipment manufacturing. Construction grew 2.1 percent, with all construction sub-industries showing increases. This growth also reflected higher construction-related investment, with continued investment in residential building. GDP per capita increased 0.6 percent this quarter, following a 0.2 percent increase in the June quarter. Annual GDP growth for the year ended September 2016 increased to 3.0 percent. The size of the economy in current prices was $256 billion.