New Zealand third quarter GDP rises 0.6% as expected.
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This article is originally referred from Orbex Market Recap.
New Zealand’s economy expanded at a rate of 0.6% during the three months ending September, data from the statistics agency, Statistics New Zealand showed on Thursday.
The third quarter GDP was in line with estimates but the second quarter GDP was revised higher to show a 1.0% increase during the second quarter.
Gary Dunnet, senior manager for national accounts said that construction activity in the economy recovered during the third quarter following the declines in the previous two quarters.
This came amid an increase in construction related investment and investments in infrastructure and residential buildings.
Services industry including health care and residential care and business services also contributed to the overall GDP growth.
On the consumption side, household spending was seen rising 0.9% with an increase in durable goods services.
Spending was seen rising 2.3% on durable goods with an increase in spending in electronics, furniture, clothing and used cards.
Household spending on services were seen rising 0.8% on the quarter with spending seen rising on recreational and sports services.
On a year over year basis, New Zealand GDP was seen rising 2.4%. This was a slower pace of increase compared to 2.5% in the previous quarter.
Original Source: Orbex Market Recap