Economy expands 1.1% in September quarter across 14 of 16 sectors; per capita GDP rises
Stats NZ reports broad-based quarterly growth as the Government points to stronger job prospects and forecasts of faster expansion next year.
The economy grew 1.1% in the September quarter, with output rising in 14 of the 16 industries measured, according to figures released by Stats NZ and highlighted by Finance Minister Nicola Willis.
Willis said the breadth of the expansion is consistent with “healthy growth,” adding that indicators point to further gains in the final quarter of the year. Treasury and the Reserve Bank are forecasting growth to accelerate next year and unemployment to fall, she said.
The minister singled out manufacturing, up 2.2% in the quarter, construction up 1.7%, and business services up 1.6%. Exports rose 3.3%, and investment lifted in residential building, plant and machinery, and transport equipment. GDP per capita increased 0.9% over the three months to September.
“These are job-rich sectors of the economy,” Willis said. “This augurs well for future job prospects as well as higher incomes.”
The release did not specify which two sectors contracted in the quarter or provide detail on annual growth or revisions. Further breakdowns are expected in the full Stats NZ material.
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