News Karnataka
Wednesday, October 05 2022
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Wellington: New Zealand GDP increases 1.7% in Q2

Photo Credit : IANS

Wellington: 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 on Thursday.

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, Xinhua news agency quoted Stats NZ’s industry and production senior manager Ruvani Ratnayake as saying.

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.

International visitor expenditure grew in the June 2022 quarter as border restrictions eased.

This is in contrast to the strong falls that were observed in pre-pandemic June quarters, following the peak summer tourist season, he added.

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