The New Zealand economy advanced 0.6 percent on quarter in the three months to September of 2017, slowing down after an upwardly revised 1.0 percent expansion in the previous but above expectations of 0.5 percent growth.
Construction led growth in the third quarter, rebounding by 3.6 percent after a 0.7 percent contraction in the previous three months. In stark contrast, utilities fell by 1.6 percent following no growth in the second quarter. Meantime, manufacturing continued to expand at 0.7 percent clip.
Service industries increased by 0.6 percent, following a 1.0 percent expansion in the previous period. Wholesale trade grew at a softer pace of 0.6 percent (vs 0.9 percent). Retail trade and accommodation declined 0.4 percent after expanding 2.8 percent in the June quarter. In contrast, health care and social assistance gained steam (2.1 percent vs 0.3 percent in Q2). Arts, recreation, and other services rebounded sharply (+2.4 percent vs -0.3 percent).
Finally, mining rebounded 3.2 percent after plunging 3.8 percent in the previous quarter, whereas agriculture fell by 1.0 percent after booking 2.4 percent growth in the previous three months.
Year-on-year, the economy expanded 2.7 percent, slightly below the upwardly revised 2.8 percent figure for the previous quarter.
12/20/2017 10:33:03 PM