Construction leads GDP growth
Gross domestic product increased 0.6 percent in the September 2017 quarter, following an increase of 1.0 percent (revised) in the June 2017 quarter, Stats NZ said today.
“Construction activity recovered this quarter, unwinding the previous two quarterly falls,” national accounts senior manager Gary Dunnet said. “This reflected higher construction-related investment, with investment in infrastructure and residential buildings also reporting strong increases.”
Service industries, such as health care and residential care, business services, and arts and recreation also contributed to growth.
Household spending was up 0.9 percent, driven by spending on durable goods, and services. Spending on durable goods increased 2.3 percent, due to increased spending on audio-visual equipment (such as televisions and consumer electronics), clothing, furniture and furnishings, and used cars.
Household spending on services increased 0.8 percent this quarter, with households spending more on recreational and sports services.
GDP per capita increased 0.2 percent this quarter, following a 0.5 percent increase in the June quarter.
Annual GDP growth for the year ended September 2017 was 3.0 percent. The size of the economy in current prices was $278 billion.