Gross domestic product increased 0.5 per cent in the June 2019 quarter, following a 0.6 per cent rise in the March 2019 quarter, Stats NZ said today.
“Service industries, which represent about two-thirds of the economy, were the main contributor to GDP growth in the quarter, rising 0.7 per cent off the back of a subdued result in the March 2019 quarter,” national accounts senior manager Gary Dunnet said.
The service industries recorded broad based growth, with eight of the 11 industries showing positive results in the June 2019 quarter. Household expenditure on services saw a corresponding increase, rising by 0.5 per cent.
Goods producing industries fell 0.2 per cent in the June quarter, driven by declines in manufacturing and construction.
“Both of these industries rose in the March 2019 quarter,” Mr Dunnet said.
“This quarter, lower investment in non-residential building and a decline in food, beverage, and tobacco manufacturing led to the falls.”
The size of New Zealand’s economy in annual current price terms hit a milestone in the June 2019 quarter, reaching $300 billion for the first time.
“It took about fourteen years for the economy to go from $100 billion to $200b, and nine years to reach $300 billion,” Mr Dunnet said.