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Gross Domestic Product: September 2016 quarter
Embargoed until 10:45am  –  22 December 2016
Overview

Gross domestic product: September 2016 quarter – overview

 
GDP was up 1.1 percent in the September 2016 quarter
Activity in the service industries (about 70 percent of GDP) rose 1.1 percent. Activity in the goods-producing industries (about 20 percent of GDP) rose 1.3 percent. Activity in the primary industries (about 10 percent of GDP(1)) rose 0.1 percent. 

Business services activity was up 2.0 percent in the September 2016 quarter. This was led by scientific, architectural, and engineering services, which had its largest increase since December 2007.

Transport, postal, and warehousing increased 3.7 percent – the largest increase since December 2003. This increase was due to road transport, and air transport.

Arts, recreation, and other services increased 2.4 percent. Repair and maintenance services was up significantly, driving this movement.

Public administration, safety, and defence was up 1.7 percent. This was driven by public order, safety and regulatory services, and defence.

Manufacturing activity increased 1.2 percent, with six of the nine industries up.

Food, beverage, and tobacco manufacturing was up 1.6 percent, due to increases in beverage and tobacco product manufacturing and fruit, oil, cereal, and other food product manufacturing.

Transport equipment, machinery and equipment manufacturing was up 2.7 percent – the highest quarterly growth since the December 2013 quarter.

Construction activity increased 2.1 percent in the September 2016 quarter. Residential and non-residential building were both up, which was also reflected in an increase in construction trade services. Heavy and civil engineering construction (such as telecommunications and infrastructure) also increased.

Agricultural activity was down 1.6 percent this quarter. Dairy production and sheep and beef cattle farming were both down. This was due to a drop in milk production, cattle, and wool – partly offset by an increase in lamb.

Forestry and logging increased 10 percent in the September 2016 quarter. This increase in seasonally adjusted value added was the largest since September 1999.

 

 

 

 

 

1. Includes unallocated taxes on production (eg import duties and GST).

 

 
GDE was up 1.4 percent in the September 2016 quarter
Spending by households (about 60 percent of GDE) was up 1.6 percent. Investment in fixed assets was up 1.4 percent. Exports of goods and services fell 0.7 percent and imports of goods and services rose 1.2 percent.

Spending on services was up 2.0 percent this quarter – the highest quarterly growth since the June 2009 quarter. The increase was reflected in higher spending on accommodation, domestic and international air passenger services, restaurant meals and ready-to-eat meals, and recreation services.

Household spending on durable goods was up 0.5 percent. Spending on new and used motor vehicles, and clothing was higher this quarter. This was partly offset by a decline in spending on appliances, and furniture and furnishings.

Spending on non-durable goods was up 1.1 percent, driven by increased petrol expenditure. Spending on fruits and vegetables, grocery food, and alcohol were also up significantly this quarter.

Residential building investment was up 2.3 percent. In the September 2016 year, residential building investment grew 9.5 percent.

Non-residential building investment was up 1.2 percent.

Investment in other construction (such as telecommunications and infrastructure) increased 3.0 percent.

Investment in transport equipment increased 30 percent, due to increased investment in air transport.

Investment in intangible fixed assets decreased 1.8 percent.

Plant, machinery, and equipment investment decreased 6.5 percent.

Exports of goods decreased 0.6 percent. The main drivers of this were exports of meat products, which fell 10 percent, and agriculture and fishing primary products, which decreased 7.0 percent.

This was partly offset by exports of dairy products, up 4.6 percent, and exports of forestry primary products, up 10 percent.

Exports of services was down 2.2 percent, driven by a decline in travel services.

Spending by overseas tourists was down 3.4 percent.

Imports of goods was up 0.7 percent. Imports of capital goods was up 5.0 percent. Imports of consumption goods decreased 2.0 percent.

Imports of services was up 1.5 percent.

Gross domestic product is New Zealand's official measure of economic growth. It is published quarterly and expressed in volume terms (with the effect of price changes removed).

The production measure of GDP measures the volume of goods and services produced in the economy, while the expenditure measures shows how these goods and services were used.

For more detailed data see the Excel tables in the 'Downloads' box.

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