Lift in NZ economic activity
New Zealand's economic activity lifted last quarter, but annual economic growth was weaker throughout the country, according to the National Bank Regional Trends report.
New Zealand’s economic activity lifted last quarter, but annual economic growth was weaker throughout the country, according to the National Bank Regional Trends report.
All regions but two experienced a lift in economic activity in the June quarter.
Gisborne and Wellington both recorded a drop in economic activity in June. Canterbury was one of five regions experiencing a rebound – it had a 1.9% rebound in activity from last quarter’s 2.5% contraction. Southland recorded the largest quarterly rise in June (up 2.1%) with Waikato a close second (up 2%).
Nationwide, economic activity increased 0.8%. The South Island economy was up 1.5% after falling by a similar amount in March. The North Island economy, which did not record a contraction in March, expanded by 0.5 percent in the June quarter.
But annual economic growth was weaker in every region. This is a change in trend from March, when Canterbury was the only region experiencing negative growth. Five regions recorded a negative annual rate of economic growth in the year to June.
Northland’s economy recorded the lowest year-on-year rate of change, dropping 1.2%. Canterbury’s economy was 1% weaker in the 12 months to June, compared to the same period a year earlier.
The nationwide rate of economic growth was 0.6% in the year to June. The economy of the North Island was 0.8% larger than a year earlier, while the South Island’s economy contracted 0.1%.
Charlotte Woodfield
Wed, 17 Aug 2011
Wed, 17 Aug 2011
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Lift in NZ economic activity
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