|09-18-2014, 01:33 PM||#1|
New Zealand`s GDP growth above estimates in Q2
New Zealand`s economy grew expanded more than estimates in the second quarter of this year, backed by improvements in business services along with higher investments and household consumption.
New Zealand`s Growth Domestic Product (GDP) grew 0.7% in the second quarter of this year compared with 1.0% in the previous three months, and the reading topped analysts` estimates of 0.6%.
On the yearly record, GDP grew 3.9% in the quarter ended June compared with a growth by 3.8% in the same period last year, noting that analysts expected growth to remain at the same level.
Moreover, NZ Bureau of Statistics said that business services rose 4.2% between April and June, which helped to offset the 2.8% fall in forestry and fishing. Another cheerful figure reported by the Bureau of Statistics is that investment jumped 1.5% and household consumption expenditure gained 1.3%, giving a great push forward for the economy.
New Zealand`s exports couldn’t remain a pillar for economic expansion as it declined 2.9% due to instability in global demand. On the other side, the nation`s imports of goods and services picked up 2.9%.
Data released Wednesday showed the current account balance recorded a deficit of $0.95 billion in the second quarter of this year, following a surplus of $ 1.407 billion in the first quarter. The trade balance deficit came in at NZ$ 692 million in July compared with a previous surplus of NZ$247 million that was revised lower to NZ$242 million.
Finally, the seen growth may encourage monetary policy makers to think about another increase in interest rate, after the reserve bank already raised its benchmark to 3.50% to control the rising inflationary pressures.
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