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New Zealand GDP 1Q2014

by Eduardo Petazze
In the 1Q2014 GDP, poduction approach, grew by 1.0% Q/Q (+3.8% Y/Y, SA), from +1.02% Q/Q (+3.3% Y/Y) in the 4Q2013
In the 1Q2014 GDP, expenditure approach, grew by 1.3% Q/Q (+3.1% Y/Y, SA), from +0.65% Q/Q (+2.2% Y/Y, SA) in 4Q13
In the fiscal year ended in March 2014 GDP (P) grew by 3.3%, from +2.3% in the FY ended in Mar13. Under the expenditure
approach, GDP grew by 2.5%, similar to growth in the previous fiscal year.
Links:
Gross Domestic Product: March 2014 quarter
Full press release - pdf, 26 pages
Overview pdf, 2 pages

Summary
Quarterly
NZ$ million (1995/96) prices
Agriculture, forestry, and fishing
Mining
Primary industries
Manufacturing
Electricity, gas, water, and waste services
Construction
Goods Producing Industries
Wholesale trade
Retail trade and accommodation
Transport, postal, and warehousing
Information media and telecommunications
Financial and insurance services
Rental, hiring, and real estate services
Prof, scientific, technical, admin, and support
Public administration and safety
Education and training
Health care and social assistance
Arts, recreation, and other services
Service Industries
GVA
Taxes and not allocated
GDP (P)
NZ$ million (1995/96) prices
Households consumption expenditure
Non-Profit institutions
Government expenditure
Gross capital formation
Gross fixed capital formation
Change in inventories
Exports of goods and services
Less imports of goods and services
Residual
GDP (E)
Discepancy
GDP (P)
Q/Q Production approach (P)
Agriculture, forestry, and fishing
Mining
Primary industries
Manufacturing
Electricity, gas, water, and waste services
Construction
Goods Producing Industries
Wholesale trade
Retail trade and accommodation
Transport, postal, and warehousing
Information media and telecommunications
Financial and insurance services
Rental, hiring, and real estate services
Prof, scientific, technical, admin, and support
Public administration and safety
Education and training
Health care and social assistance
Arts, recreation, and other services
Service Industries
GVA
Taxes and not allocated
GDP (P)
Q/Q Expenditure approach (E)
Households consumption expenditure
Non-Profit institutions
Government expenditure
Gross capital formation
Gross fixed capital formation
Exports of goods and services
Less imports of goods and services
GDP (E)
GDP (P)
Last data

Seasonally adjusted chain-volume


2012Q2 2012Q3 2012Q4 2013Q1
1,931
1,846
1,850
1,796
310
306
308
317
2,241
2,152
2,158
2,113
4,958
4,921
4,979
4,972
754
776
787
769
1,785
1,859
1,908
2,006
7,497
7,556
7,674
7,747
2,021
2,022
2,042
2,053
2,464
2,464
2,506
2,532
1,921
1,886
1,902
1,887
2,511
2,614
2,631
2,565
1,700
1,711
1,726
1,752
4,591
4,586
4,616
4,621
3,174
3,183
3,163
3,283
1,506
1,526
1,547
1,533
1,118
1,119
1,121
1,123
1,894
1,895
1,918
1,937
1,064
1,060
1,102
1,105
23,964 24,066 24,274 24,391
33,702 33,774 34,106 34,251
2,919
2,949
3,040
3,081
36,621 36,723 37,146 37,332
2012Q2 2012Q3 2012Q4 2013Q1
22,696 22,718 23,007 23,215
556
564
570
573
6,414
6,398
6,407
6,393
8,870
8,763
8,985
9,030
8,730
8,701
8,837
9,092
172
51
238
98
12,207 12,633 12,609 12,716
13,730 13,887 13,967 14,216
238
221
205
289
37,251 37,410 37,816 38,000
-630
-687
-670
-668
36,621 36,723 37,146 37,332
2012Q2 2012Q3 2012Q4 2013Q1
1.47% -4.40%
0.22% -2.92%
1.97% -1.29%
0.65%
2.92%
1.54% -3.97%
0.28% -2.09%
0.94% -0.75%
1.18% -0.14%
-2.58%
2.92%
1.42% -2.29%
5.19%
4.15%
2.64%
5.14%
1.54%
0.79%
1.56%
0.95%
0.55%
0.05%
0.99%
0.54%
0.65%
0.00%
1.70%
1.04%
1.21% -1.82%
0.85% -0.79%
1.99%
4.10%
0.65% -2.51%
0.24%
0.65%
0.88%
1.51%
0.46% -0.11%
0.65%
0.11%
0.57%
0.28% -0.63%
3.79%
-2.65%
1.33%
1.38% -0.90%
0.00%
0.09%
0.18%
0.18%
1.18%
0.05%
1.21%
0.99%
-1.48% -0.38%
3.96%
0.27%
0.45%
0.43%
0.86%
0.48%
0.76%
0.21%
0.98%
0.43%
-5.99%
1.03%
3.09%
1.35%
0.19%
0.28%
1.15%
0.50%
2012Q2 2012Q3 2012Q4 2013Q1
0.18%
0.10%
1.27%
0.90%
2.02%
1.44%
1.06%
0.53%
0.30% -0.25%
0.14% -0.22%
-0.75% -1.21%
2.53%
0.50%
2.00% -0.33%
1.56%
2.89%
-0.04%
3.49% -0.19%
0.85%
-2.53%
1.14%
0.58%
1.78%
0.47%
0.43%
1.09%
0.49%
0.19%
0.28%
1.15%
0.50%

2013Q2
1,751
318
2,069
4,957
763
2,066
7,786
2,037
2,575
1,905
2,576
1,782
4,655
3,354
1,556
1,125
1,957
1,095
24,617
34,472
3,075
37,547
2013Q2
23,468
574
6,396
9,674
9,516
113
12,301
14,544
164
38,033
-486
37,547
2013Q2
-2.51%
0.32%
-2.08%
-0.30%
-0.78%
2.99%
0.50%
-0.78%
1.70%
0.95%
0.43%
1.71%
0.74%
2.16%
1.50%
0.18%
1.03%
-0.90%
0.93%
0.65%
-0.19%
0.58%
2013Q2
1.09%
0.17%
0.05%
7.13%
4.66%
-3.26%
2.31%
0.09%
0.58%

2013Q3
1,946
287
2,233
5,047
770
2,040
7,857
2,063
2,590
1,896
2,647
1,791
4,662
3,327
1,565
1,127
1,998
1,111
24,777
34,867
3,110
37,977
2013Q3
23,573
575
6,554
10,136
9,764
438
12,254
15,126
439
38,405
-428
37,977
2013Q3
11.14%
-9.75%
7.93%
1.82%
0.92%
-1.26%
0.91%
1.28%
0.58%
-0.47%
2.76%
0.51%
0.15%
-0.81%
0.58%
0.18%
2.10%
1.46%
0.65%
1.15%
1.14%
1.15%
2013Q3
0.45%
0.17%
2.47%
4.78%
2.61%
-0.38%
4.00%
0.98%
1.15%

2013Q4
1,933
310
2,243
5,148
787
2,057
7,992
2,119
2,605
1,916
2,626
1,815
4,669
3,256
1,567
1,128
2,022
1,103
24,826
35,061
3,304
38,365
2013Q4
23,850
577
6,524
9,735
9,808
87
12,682
15,135
423
38,656
-291
38,365
2013Q4
-0.67%
8.01%
0.45%
2.00%
2.21%
0.83%
1.72%
2.71%
0.58%
1.05%
-0.79%
1.34%
0.15%
-2.13%
0.13%
0.09%
1.20%
-0.72%
0.20%
0.56%
6.24%
1.02%
2013Q4
1.18%
0.35%
-0.46%
-3.96%
0.45%
3.49%
0.06%
0.65%
1.02%

2014Q1
1,946
330
2,276
5,150
799
2,313
8,262
2,088
2,637
1,932
2,616
1,826
4,668
3,271
1,573
1,129
2,044
1,121
24,905
35,443
3,302
38,745
2014Q1
23,849
581
6,600
10,134
10,018
376
13,076
15,386
307
39,161
-416
38,745
2014Q1
0.67%
6.45%
1.47%
0.04%
1.52%
12.45%
3.38%
-1.46%
1.23%
0.84%
-0.38%
0.61%
-0.02%
0.46%
0.38%
0.09%
1.09%
1.63%
0.32%
1.09%
-0.06%
0.99%
2014Q1
-0.00%
0.69%
1.16%
4.10%
2.14%
3.11%
1.66%
1.31%
0.99%

1Q2013
7,423
1,241
8,664
19,830
3,086
7,558
30,474
8,138
9,966
7,596
10,321
6,889
18,414
12,803
6,112
4,481
7,644
4,331
96,695
135,833
11,989
147,822
1Q2013
91,636
2,263
25,612
35,648
35,360
559
50,165
55,800
953
150,477
-2,655
147,822
1Q2013
-0.93%
2.48%
-0.46%
1.43%
-2.50%
14.43%
3.94%
2.08%
3.25%
0.72%
3.95%
2.03%
1.29%
3.51%
-0.20%
0.56%
3.35%
-0.39%
2.09%
2.33%
1.37%
2.25%
1Q2013
2.42%
8.69%
-1.18%
4.46%
7.33%
2.59%
1.17%
2.53%
2.25%

1Q2014
7,576
1,245
8,821
20,302
3,119
8,476
31,897
8,307
10,407
7,649
10,465
7,214
18,654
13,208
6,261
4,509
8,021
4,430
99,125
139,843
12,791
152,634
1Q2014
94,740
2,307
26,074
39,679
39,106
1,014
50,313
60,191
1,333
154,255
-1,621
152,634
1Q2014
2.06%
0.32%
1.81%
2.38%
1.07%
12.15%
4.67%
2.08%
4.43%
0.70%
1.40%
4.72%
1.30%
3.16%
2.44%
0.62%
4.93%
2.29%
2.51%
2.95%
6.69%
3.26%
1Q2014
3.39%
1.94%
1.80%
11.31%
10.59%
0.30%
7.87%
2.51%
3.26%

Annual data
SA chain-volume
NZ$ million (1995/96) prices
Agriculture, forestry, and fishing
Mining
Primary industries
Manufacturing
Electricity, gas, water, and waste services
Construction
Goods Producing Industries
Wholesale trade
Retail trade and accommodation
Transport, postal, and warehousing
Information media and telecommunications
Financial and insurance services
Rental, hiring, and real estate services
Prof, scientific, technical, admin, and support
Public administration and safety
Education and training
Health care and social assistance
Arts, recreation, and other services
Service Industries
GVA
Taxes and not allocated
GDP (P)
NZ$ million (1995/96) prices
Households consumption expenditure
Non-Profit institutions
Government expenditure
Gross capital formation
Gross fixed capital formation
Change in inventories
Exports of goods and services
Less imports of goods and services
Residual
GDP (E)
Discepancy
GDP (P)
Annual change Production approach (P)
Agriculture, forestry, and fishing
Mining
Primary industries
Manufacturing
Electricity, gas, water, and waste services
Construction
Goods Producing Industries
Wholesale trade
Retail trade and accommodation
Transport, postal, and warehousing
Information media and telecommunications
Financial and insurance services
Rental, hiring, and real estate services
Prof, scientific, technical, admin, and support
Public administration and safety
Education and training
Health care and social assistance
Arts, recreation, and other services
Service Industries
GVA
Taxes and not allocated
GDP (P)
Annual change Expenditure approach (E)
Households consumption expenditure
Non-Profit institutions
Government expenditure
Gross capital formation
Gross fixed capital formation
Exports of goods and services
Less imports of goods and services
GDP (E)
GDP (P)
Last data

1Q2008
6,771
1,393
8,164
20,431
2,977
7,514
30,922
8,104
9,542
7,374
8,789
6,408
17,803
11,386
5,580
4,246
7,108
4,431
90,771
129,857
11,689
141,546
1Q2008
85,019
1,768
24,241
38,175
37,166
1,246
45,711
53,082
273
142,105
-559
141,546
1Q2008
-13.81%
44.20%
-7.46%
1.37%
3.08%
8.99%
3.29%
4.08%
1.96%
5.54%
7.37%
6.36%
-0.82%
3.94%
7.66%
-0.05%
3.55%
4.58%
3.41%
2.62%
5.90%
2.89%
1Q2008
3.62%
8.67%
4.93%
11.73%
7.43%
3.68%
10.82%
3.54%
2.89%

1Q2009
7,097
1,351
8,448
18,933
2,897
6,714
28,544
7,725
9,123
7,285
8,930
6,532
17,553
10,824
5,970
4,355
7,354
4,427
90,078
127,070
11,770
138,840
1Q2009
83,476
1,903
25,341
34,776
34,265
548
44,495
50,987
433
139,437
-597
138,840
1Q2009
4.81%
-3.02%
3.48%
-7.33%
-2.69%
-10.65%
-7.69%
-4.68%
-4.39%
-1.21%
1.60%
1.94%
-1.40%
-4.94%
6.99%
2.57%
3.46%
-0.09%
-0.76%
-2.15%
0.69%
-1.91%
1Q2009
-1.81%
7.64%
4.54%
-8.90%
-7.81%
-2.66%
-3.95%
-1.88%
-1.91%

Annual Fiscal Year ended


1Q2010 1Q2011 1Q2012
7,161
6,786
7,493
1,403
1,387
1,211
8,564
8,173
8,704
18,170 19,006
19,550
3,135
3,245
3,165
6,691
6,361
6,605
27,996 28,612
29,320
7,261
7,743
7,972
9,103
9,288
9,652
7,098
7,487
7,542
9,004
9,387
9,929
6,620
6,618
6,752
17,673 17,920
18,180
10,906 11,671
12,369
5,995
6,114
6,124
4,399
4,398
4,456
7,621
7,605
7,396
4,478
4,431
4,348
90,158 92,662
94,720
126,718 129,447 132,744
11,948 11,767
11,827
138,666 141,214 144,571
1Q2010 1Q2011 1Q2012
84,727 86,986
89,473
2,023
1,852
2,082
25,324 25,854
25,917
29,868 31,650
34,126
30,996 31,544
32,945
-1,009
462
1,226
46,268 47,589
48,899
46,427 51,719
55,153
709
1,225
1,413
142,492 143,437 146,757
-3,826
-2,223
-2,186
138,666 141,214 144,571
1Q2010 1Q2011 1Q2012
0.90% -5.24% 10.42%
3.85% -1.14% -12.69%
1.37% -4.57%
6.50%
-4.03%
4.60%
2.86%
8.22%
3.51% -2.47%
-0.34% -4.93%
3.84%
-1.92%
2.20%
2.47%
-6.01%
6.64%
2.96%
-0.22%
2.03%
3.92%
-2.57%
5.48%
0.73%
0.83%
4.25%
5.77%
1.35% -0.03%
2.02%
0.68%
1.40%
1.45%
0.76%
7.01%
5.98%
0.42%
1.98%
0.16%
1.01% -0.02%
1.32%
3.63% -0.21% -2.75%
1.15% -1.05% -1.87%
0.09%
2.78%
2.22%
-0.28%
2.15%
2.55%
1.51% -1.51%
0.51%
-0.13%
1.84%
2.38%
1Q2010 1Q2011 1Q2012
1.50%
2.67%
2.86%
6.31% -8.45% 12.42%
-0.07%
2.09%
0.24%
-14.11%
5.97%
7.82%
-9.54%
1.77%
4.44%
3.98%
2.86%
2.75%
-8.94% 11.40%
6.64%
2.19%
0.66%
2.31%
-0.13%
1.84%
2.38%

Also see:
Balance of Payments - Current account was $ -0.6 billion in 1Q2014 pdf, 26 pages
NZIER - Consensus Forecasts June 2014
June 12, the Reserve Bank increased the Official Cash Rate (OCR) by 25bps. To 3.25%
ANZ Economic outlook pdf, 22 pages
Westpac - Quarterly Economic Overview, May 2014 pdf, 16 pages
New Zealand GDP 4Q2013