New Zealand Q2 GDP

For the q/q (seasonally adjusted figures): +0.7%

  • expected +0.6% q/q, prior was +1.0%

For the y/y: +3.9%

  • +3.8% y/y expected, prior was +3.8%

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From Stats NZ (bolding mine):

  • “Services make up about two-thirds of the economy and all 11 services industries increased this quarter,” national accounts manager Gary Dunnet said. “The biggest increases were in industries that include advertising, employment services, and software development.”
  • Overall, services increased 1.4 percent, the highest growth since the December 2006 quarter. Business services (up 4.2 percent) was the main driver, although accommodation and food services increased 3.0 percent. These increases were partly offset by a 3.1 percent decrease in primary industries, where agriculture, forestry, and mining all fell.
  • GDP growth for the year ended June 2014 was 3.5 percent. This is the highest annual growth since the September 2007 quarter.