New Zealand GDP misses

GDP rises on strength in services - Stats NZ

GDP rises on strength in services - Stats NZ

Meanwhile, the control group of USA retail sales edged up just 0.1 percent in February, a quarter of the expected pace, adding to expectations the Federal Reserve won't signal any acceleration of rate hikes at its meeting next week.

A booming services sector helped the New Zealand economy grow by nearly 3 per cent in 2017.

The size of the economy in current prices was $283 billion.

"The New Zealand economy appears to have lost some momentum over the course of the previous year", Westpac says in an economic note.

The growth data will be the final major data point for the Reserve bank of NZ to mull over ahead of its cash rate decision a week today (Thursday).

GDP per capita is down on the September quarter, coming in at just 0.1% growth, compared to 0.2% in the quarter before.

Westpac expects growth to remain at a more subdued pace this year, as the new Government's policies - particularly around cooling the housing market - are expected to be a drag on activity on balance.

In terms of monetary policy implications, Kiwibank Senior Economist Jeremy Couchman says the numbers won't worry the Reserve Bank, as it remains in line with the central bank's view that the economy is growing near trend.

"Growth was widespread across many service industries, with business services, and rental hiring and real estate services providing momentum", national accounts senior manager Gary Dunnet said.

Overall agricultural production fell by 2.7 per cent, with lower milk production hitting dairy manufacturing and dairy exports, which fell 4.4 per cent.

StatsNZ said household expenditure - the largest part of the New Zealand economy at around 60% - grew by 1.2% over the quarter.

This was influenced by people eating out more and spending more on groceries and alcohol. "This fuelled increased retail trade activity, with food and beverage services and supermarkets experiencing growth", it said.

"Imports of capital goods such as aircrafts, factory equipment, and ICT increased considerably this quarter", Mr Dunnet said. "This was reflected in a 2.1 percent rise in investment of fixed assets".

The New Zealand dollar has fallen following the release of the report, trading at.7308 against the U.S. dollar, a decline of 0.3%.

Notícias recomendadas

  • Artemis Fowl - Detalhes do novo filme da Disney são divulgados!

    O filme será produzido por Kenneth Branagh e Judy Hofflund, com Matthew Jenkins e Angus More Gordon como produtores executivos. A previsão é de que o começo da saga chegue aos cinemas em agosto de 2019.
    Fox News sued by parents of slain DNC staffer Seth Rich

    Fox News sued by parents of slain DNC staffer Seth Rich

    Butowsky, for his part, claims that he didn't write the piece, and that including him in the lawsuit is "baseless and frivolous". Unbeknownst to the family, however, Wheeler was working on an article about Rich's death with Butowsky and Zimmerman.
    SteamVR are Resolving The Resolution Problem

    SteamVR are Resolving The Resolution Problem

    Details aside, Valve writes, the point of the update is to essentially "take the headset out of the equation for [VR] developers". All GPUs will be set to render at an appropriate resolution for the attached headset based on the GPU in their machine.
  • Brexit trava a fundo emigração portuguesa para o Reino Unido

    Brexit trava a fundo emigração portuguesa para o Reino Unido

    Em 2016, registou-se uma quebra de 5,4% no número de entradas, valor que, agora, em 2017 se acentuou fortemente para 26%. O Observatório calcula que em 2016 tenham saído de Portugal cerca de 100 mil pessoas, menos 10 mil que no ano anterior.
    Ghana Cocoa Board Former CEO Charged for Causing Losses to State

    Ghana Cocoa Board Former CEO Charged for Causing Losses to State

    In fact, the state accuses Seidu Agongo of " manufacturing the fertilizer in commercial quantities without registration ", contrary to the law.
    Kwara United appoints Bala as Technical Adviser

    Kwara United appoints Bala as Technical Adviser

    The club's Media Officer, Abdulwaheed Bibire, in a statement in Ilorin said this followed the club's unimpressive performance so far in the 2017/2018 Nigeria Professional Football League (NPFL ).
  • Shanghai SIPG march on; Suwon back to winning ways

    Shanghai SIPG march on; Suwon back to winning ways

    Abdelkarim Hassan, Baghdad Bounedjah and Jugurtha Hamroun were also on target for the hosts, who are now top of Group C. Dejan Damjanovic put Suwon Bluewings ahead in the 51st minute and Choi Sung-keun added a second late in the match.
    Express Scripts (NASDAQ:ESRX) Rating Increased to Buy at BidaskClub

    Express Scripts (NASDAQ:ESRX) Rating Increased to Buy at BidaskClub

    Finally, BidaskClub raised Express Scripts from a "hold" rating to a "buy" rating in a research report on Thursday, December 14th. First Finance Corporation In holds 0.01% or 312 shares in its portfolio. ( NASDAQ:CREE ), 3 have Buy rating, 4 Sell and 14 Hold.
    TVS launches the Apache RTR 160, prices start at Rs 81490

    TVS launches the Apache RTR 160, prices start at Rs 81490

    The bike claims a top speed of 114kmph for the fuel injected trim while that of the base variant is 113kmph. The engine is mated to a 5-speed super-slick gear box that offers a precise and powerful riding experience.
  • Arizona Cardinals Looking To Sign QB Mike Glennon

    Arizona Cardinals Looking To Sign QB Mike Glennon

    He has thrown a career 34 touchdown passes and 20 interceptions in 25 National Football League games (22 starts). As of Tuesday evening, it looks like QB depth will not be a problem for the Cards.
    Minnesota's kissing Cousins, but is he the answer to Vikings QB needs?

    Minnesota's kissing Cousins, but is he the answer to Vikings QB needs?

    The Jets still own the No. 6 overall pick in the upcoming NFL Draft, and they could still take a quarterback with that selection. When the offseason rolled around, Cousins was tagged again - and this time, it was Cousins who had reservations.
    United Airlines mistakenly sends dog to Japan instead of Kansas

    United Airlines mistakenly sends dog to Japan instead of Kansas

    This is not the first time United has come under scrutiny for its treatment of animals. Instead, the family was met with a Great Dane they had never seen before.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.