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🇳🇿New Zealand GDP Expands 2.8% Q/Q; Est. 1.5%

Stats NZ:

The 2.8 percent rise in June 2021 quarter GDP was led by the services industries. The primary and goods-producing industries also contributed to growth in the quarter.

Retail trade and accommodation was the largest contributor to GDP growth in the June 2021 quarter, driven by higher activity in accommodation and food services.

The transport, postal, and warehousing industry was boosted by rises in air transport and transport support services. This industry has been significantly affected by restrictions on international travel in response to the COVID-19 pandemic, as well as continued disruptions to the international transport of goods.

Despite the increase in activity this quarter, transport, postal, and warehousing has fallen 7.0 percent since the pre-COVID -19 December 2019 quarter.

Business services also contributed to the growth in services and total GDP in the June 2021 quarter, rising by 4.8 percent due to higher activity in engineering, architectural and consulting services.

Exports of services also increased in the June 2021 quarter, rising by 63.0 percent. This was driven by rises in exports of travel services, transport services, other business services, and also film exports. However, exports of services remain significantly affected by international travel restrictions due to COVID-19 and are still 43.0 percent below the levels of the December 2019 quarter.


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