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New Zealand GDP Growth RateThe Gross Domestic Product (GDP) in New Zealand expanded 0.30 percent in the fourth quarter of 2011 over the previous quarter. Historically, from 1987 until 2011, New Zealand GDP Growth Rate averaged 0.5400 Percent reaching an all time high of 2.7000 Percent in September of 1999 and a record low of -2.6000 Percent in March of 1991. The Gross Domestic Product (GDP) growth rate provides an aggregated measure of changes in value of the goods and services produced by an economy. Over the past 20 years the government has transformed New Zealand from an agrarian economy dependent on concessionary British market access to a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes - but left behind some at the bottom of the ladder - and broadened and deepened the technological capabilities of the industrial sector. This page includes a chart with historical data for New Zealand GDP Growth Rate.
New Zealand Economy Grows 0.3% in Q4
Published on 3/22/2012 10:54:32 AM
| By TradingEconomics.com, Statistics New Zealand
The New Zealand economy grew by 0.3 percent in the December 2011 quarter, Statistics New Zealand said on March 22nd. This latest result follows economic growth of 0.7 percent in the September 2011 quarter.
The largest contributors to the increase this quarter, by industry were: finance, insurance, and business services (up 1.3 percent) mainly due to business services such as advertising and management services agriculture (up 3.5 percent), mainly due to an increase in milk production retail, accommodation, and restaurants (up 2.2 percent), following a 2.6 percent rise in the September 2011 quarter. The 2011 Rugby World Cup tournament spanned the September and December 2011 quarters.
Partly offsetting these increases was a fall in manufacturing (down 2.5 percent), mainly due to a decline in primary food manufacturing.
The expenditure measure of GDP – which measures the use of goods and services in the economy – rose 0.5 percent in the December 2011 quarter.
Household consumption expenditure – which measures the volume of spending by New Zealand resident households – was up 0.8 percent in the December 2011 quarter.
The increase in the volume of household spending was due to increases in: durable goods which includes furniture and major appliances), up 4.0 percent, services (which includes air travel), up 0.9 percent, non-durable goods (which includes food), up 0.3 percent.
The volume of goods and services exported were up 2.8 percent in the December 2011 quarter, while import volumes fell 2.9 percent. This combined effect of a large increase in net exports in the December 2011 quarter is consistent with the build-up in inventories in the previous quarter. A build-up of inventories occurs when the supply of goods exceeds demand in a period, and a run-down is when demand exceeds supply.
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GDP Growth Rate
The Gross Domestic Product growth rate measures the increase in value of the goods and services produced by an economy. Economic growth is usually calculated in real terms or inflation-adjusted terms, in order to net out the effect of changes on the price of the goods and services produced. The Gross Domestic Product can be determined using three different approaches, which should give the same result. These different methods are the product technique, the income technique , and the expenditure technique. In sum, the product technique sums the outputs of every class of enterprise to arrive at the total. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes. The real GDP per capita of an economy is often used as an indicator of the average standard of living of individuals in that country, and economic growth is therefore often seen as indicating an increase in the average standard of living. However, there are some problems in using growth in GDP per capita to measure the general well-being of a country´s population. In fact, GDP was first developed by Simon Kuznets for a US Congress report in 1934, who immediately said not to use it as a measure for welfare. First, GDP per capita does not provide much information relevant to the distribution of income in a country. Second, GDP per capita does not take into account negative externalities such as pollution consequent to economic growth. Third, GDP per capita does not take into account positive externalities that may result from services such as education and health. Finally, GDP per capita excludes the value of all the activities that take place outside of the market place such as free leisure activities or less positive activities like organized crime.
NEW ZEALAND NEWS
New Zealand Trade Surplus Widens in April
Published: 5/24/2012 3:25:32 PM
By: TradingEconomics.com, Statistics New Zealand
New Zealand trade balance for April 2012 was a surplus of $355 million (9.1 percent of exports). For the year ended April 2012, there was an annual trade deficit of $541 million (1.2 percent of exports).
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New Zealand Uneployment Up to 6.7 in Q1
Published: 5/3/2012 6:15:24 PM
By: TradingEconomics.com, Statistics New Zealand
The unemployment rate rose to 6.7 percent in the March 2012 quarter, Statistics New Zealand said on May 3rd. This is up from a revised figure of 6.4 percent last quarter. The labour force grew by 18,000, with 9,000 more people employed as well as 9,000 more people unemployed in the March 2012 quarter.
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New Zealand Reports Trade Surplus in February
Published: 3/28/2012 6:06:04 PM
By: TradingEconomics.com, Statistics New Zealand
In February 2012, there was a trade surplus of $161 million (4.5 percent of exports). This compares with an average surplus of 6.1 percent of exports over the previous five February months, although there was a deficit in February 2007.
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New Zealand Economy Grows 0.3% in Q4
Published: 3/22/2012 10:54:32 AM
By: TradingEconomics.com, Statistics New Zealand
The New Zealand economy grew by 0.3 percent in the December 2011 quarter, Statistics New Zealand said on March 22nd. This latest result follows economic growth of 0.7 percent in the September 2011 quarter.
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New Zealand Leaves Rate Unchanged
Published: 3/8/2012 12:26:44 PM
By: TradingEconomics.com, RBNZ
The Reserve Bank left on March 8th, the Official Cash Rate (OCR) unchanged at 2.5 percent.
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New Zealand Reports Trade Deficit in January
Published: 2/29/2012 1:16:56 PM
By: TradingEconomics.com, Statistics New Zealand
In January 2012, the value of exported goods rose $430 million (13 percent), to $3.7 billion. Imported goods rose $637 million (19 percent), to $3.9 billion.
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New Zealand Reports Trade Surplus in December
Published: 2/2/2012 2:29:02 PM
By: TradingEconomics.com, Statistics New Zealand
In December 2011, New Zealand reported a trade surplus equivalent to $338 million (7.8 percent of exports). This compares with an average deficit of 5.2 percent of exports over the previous five December months.
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New Zealand Inflation Down to 1.8% in Q4
Published: 1/19/2012 7:18:29 PM
By: TradingEconomics.com, Statistics New Zealand
In the year to the December 2011 quarter the CPI rose 1.8 percent. This compares with a 4.6 percent rise for the year to the September 2011 quarter. Unlike the previous four quarters, the latest annual increase does not include most of the effects of the GST increase that occurred in October 2010.
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New Zealand Exports Rises in November
Published: 1/9/2012 6:00:30 PM
By: TradingEconomics.com, Statistics New Zealand
In the November 2011 month compared with the November 2010 month, the value of exported goods increased $251 million (6.8 percent) to $3.9 billion. The trend for export values remains at record-high levels.
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New Zealand GDP Up 0.8% in Q3
Published: 12/22/2011 1:05:40 PM
By: TradingEconomics.com, Statistics New Zealand
New Zealand Gross domestic product was up 0.8 percent in the September 2011 quarter, following a 0.1 percent increase in the June 2011 quarter. The increase in the latest quarter is the fourth consecutive quarter of growth following a decline of 0.1 percent in the September 2010 quarter.
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