New Zealand economic growth accelerated sharply in the September quarter with GDP rising 0.9%.
The figure, above the downwardly revised 0.3% increase of the June quarter and forecasts for an acceleration to 0.8%, left annual growth at 2.3%, in line with expectations.
The September quarter increase was driven by growth in the service industries and manufacturing,” said Gary Dunnet, national accounts manager at Statistics New Zealand.
“The service industries were fuelled by greater domestic demand and spending by international visitors” with “9 of the 11 service industries reported increases this quarter.”
This infographic, supplied by Statistics New Zealand, breaks down the contribution to the quarterly growth figure by sector. Services industries, the largest component of the economy, was clearly able to offset slower growth from primary and manufacturing industries.
In response to the small headline beat, the New Zealand dollar has moved higher in the minutes following the release.
As at 9.05am AEDT the NZD/USD currently buys .6801.