New Zealand Q2 GDP rises more strongly than expectedThe 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 (https://www.forexlive.com/news/new-zealand-q2-gdp-rises-more-strongly-than-expected-20230920/)
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