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Brunei
Friday, September 30, 2022
24.9 C
Brunei
Friday, September 30, 2022
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    New Zealand GDP increases 1.7pc in Q2

    WELLINGTON (XINHUA) – New Zealand’s gross domestic product (GDP) rose by 1.7 per cent in the June quarter, following a 0.2-per-cent fall in the March 2022 quarter, the country’s statistics department Stats NZ said yesterday.

    The services industries, which make up about two thirds of the economy, were the main contributor to the increase, up 2.7 per cent, Stats NZ said.

    In the June quarter, households and international visitors spent more on transport, accommodation, eating out, and sports and recreational activities, Stats NZ’s industry and production senior manager Ruvani Ratnayake said.

    Overall household spending declined by 3.2 per cent, driven by lower spending on goods such as used motor vehicles and audio-visual equipment, with a similar fall seen in retail trade activity, he said.

    New Zealand moved from Red to Orange in the COVID-19 traffic light system toward the beginning of the June quarter.

    The disruption caused by the COVID-19 pandemic has led to significant changes to typical seasonal patterns of economic activity, Ratnayake said.

    People shop at a supermarket in New Zealand. PHOTO: XINHUA
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