GDP up across most of New Zealand

Twelve of New Zealand’s 15 regional economies recorded nominal GDP increases in the year ending March 2016, according to a Stats NZ report released today. The largest increases were found in the Bay of Plenty, which grew 7.7 per cent, Auckland, up six per cent, and Otago, up 4.8 per cent. The national increase was 4.1 per cent. “The Bay of Plenty’s increase was underpinned by strong performances across the professional and administrative services, and agriculture,” senior national accounts manager Gary Dunnet said. “The increase in Auckland was driven by the professional services, finance, and transport industries,” he added. Some regions declined over the same period. Taranaki GDP fell 8.5 per cent. The West Coast was down 2.8 per cent, and Southland shrank one per cent. “These decreases reflected a fall in mining and agriculture activity, mainly from the impact of lower international prices for oil, coal, and dairy products,” Dunnet said. Despite a sharp fall in GDP, Taranaki retained the title of highest GDP per capita, at $71,297, followed by Wellington, with $67,888 and Auckland, with $58,717. The lowest GDP was recorded in Northland, at $36,531. The national average was $54,178. Provisional data on regional industry activity shows growth in key sectors among most regions. Retail trade and transport, postal and warehousing both increased in value across all 15 regions, including those with a falling GDP.