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Free AccessCORRECT: MNI 5 Things:New Zealand Q2 GDP Beats RBNZ Projection
--Correcting Household Consumption Up 1.0% q/q, Not 0.6% q/q
By Sophia Rodrigues
SYDNEY (MNI) - New Zealand's GDP growth was stronger than expected in the
second quarter, rising 1.0% q/q and 2.8% y/y compared with MNI median forecast
for 0.8% q/q and 2.6% y/y growth, data from Statistics New Zealand published
Thursday showed.
Below are the five key observations we made from the data:
--GDP growth beat both MNI median forecast and Reserve Bank of New
Zealand's projection which was for 0.5% q/q and 2.3% y/y growth. Growth was
broad-based with 15 of 16 industries up.
--Household consumption rebounded strongly in Q2, rising 1.0% q/q and 3.0%
after a flat q/q and 2.9% increase in Q1. While the y/y rise of 3.0% met the
RBNZ's forecast, the 1.0% q/q rise slightly beat RBNZ's projection of 0.9%.
--Services industries was the biggest contributor to growth, rising 1.0%
q/q and accelerating from 0.6% growth in Q1. Within services, rental, hiring and
real estate service grew 0.9% q/q versus a 0.4% rise in Q1. Goods-producing
industries rebounded with a 0.9% q/q growth from a 0.1% fall in Q1. Growth in
primary industries slowed, rising 0.2% q/q in Q2 versus a 0.6% rise in Q1.
--Gross fixed capital formation was down 0.1% q/q and business investment
fell 0.2%. Residential construction rose 0.5%.
--GDP per capita rose 0.5% q/q in Q2 after a flat Q1. A slowing a
population growth of 0.4% q/q in Q2 versus 0.6% in Q1 was a contributor to the
rise. For the year to June, the rise was a muted 0.7% -- the slowest in at least
six years.
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MANDS$,MMNRB$,M$A$$$,M$N$$$,MT$$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.