New Zealand: Q2 GDP figures disappoint

FXStreet (Bali) - New Zealand's Gross Domestic Product (QoQ) (Q1) came at 0.4% vs 0.6% exp and 0.2% last, while the (YoY) (Q1) came at +2.4% vs +2.5% and +2.6% last.

Key facts

Economic activity, as measured by gross domestic product (GDP), grew 0.4 percent in the June 2015 quarter.

The main movements by industry were:

- Agriculture was up 3.0 percent, due to increased dairy production

- Mining was up 2.5 percent, due to an increase in oil and gas extraction

- Business services was up 2.3 percent, due to widespread increases rental, hiring, and real estate

- Services was up 1.1 percent, due to an increase in real estate services

- Transport was down 1.8 percent, due to decreases in road transport and transport support services.

Expenditure on gross domestic product grew 0.2 percent in the June 2015 quarter.

The main movements in GDE were:

- Household consumption expenditure was up 0.9 percent, due to increased spending on durable goods, non-durable goods, and services

- Investment in fixed assets was up 1.7 percent, due to increases in plant, machinery, and equipment, and other construction

- Exports of goods and services was down 1.1 percent, while imports of goods and services was up 2.3 percent.