Two NZ regions miss out on economic activity surges
Taranaki and Manawatu-Whanganui were the only regions in New Zealand to record a weaker level of economic activity in the final quarter of 2009, according to a new survey.The National Bank study of regional trends for the three months ending December saw
Tue, 23 Feb 2010
Taranaki and Manawatu-Whanganui were the only regions in New Zealand to record a weaker level of economic activity in the final quarter of 2009, according to a new survey.
The National Bank study of regional trends for the three months ending December saw economic activity across the country increase 1.2% – the strongest quartlery lift in five years – with 11 of the 13 regions recording a gain.
The Bay of Plenty recorded the largest economic expansion, up 2.5% after a weak prior period, while Otago, Northland and Gisborne also all recorded rises of more than 2%.
The North Island economy saw more growth than the south, with a 1.3% gain in the December quarter, compared to a 0.8% rise in the South Island.
Despite being one of the rare regions to see a lower level of activity, Taranaki did see the largest quarterly gain in commodity prices, while also recording the highest level of business confidence.
That confidence was up in every region, but consumer confidence did drop in all but two areas, with Auckland standing up as the most confident region for the first time in three years.
West Coast and Gisborne saw the highest level of retail sales rise during the quarter, with sales rising in all regions, although house sales eased in most districts, with the largets slowdown recorded in the Bay of Plenty.
The full report can be read online here.
Tue, 23 Feb 2010
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