New Zealand Q2 GDP rises more strongly than expected

[forex4you]

New Zealand Q2 GDP rises more strongly than expected

The better-than-expected data has given NZD/USD a bit of a blip higher.

Stats NZ:

• "Business services was the biggest driver of economic growth this quarter, largely due to computer system design,"
• Several other industries also contributed to the growth this quarter, including:
  
  public administration, safety, and defense
  rental, hiring, and real estate services
  electricity, gas, water, and waste.
  
• Transport equipment and machinery manufacturing drove higher activity in the manufacturing industry
• 
  
  Manufacturing activity increased this quarter after five consecutive quarters of decline.
• 
  
  "Following the impacts of Cyclone Gabrielle, both education and transport, postal, and warehousing grew this quarter after a decline in the March quarter. Agriculture, forestry, and fishing, which was also impacted by extreme weather events, fell in both the March and June quarters,"
• Exports rose 5.0 percent, led by higher dairy, forestry, and meat exports.
  
• 
  Household spending grew 0.4 percent this quarter driven by increased spending on durables, including motor vehicles and audio-visual equipment.
  
• 
  Increases in exports, household spending, and investment resulted in a decrease in stock levels, particularly affecting motor vehicle and forestry inventories.

more to come

                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: New Zealand Q2 GDP rises more strongly than expected

forexlive.com