New Zealand GDP Q3 grows above estimates

FXstreet.com (Bali) - New Zealand Gross Domestic Product (Q3) came at 1.4% vs 1.1% exp and 0.2% last, while the yearly reading stood at 3.5% vs 3.2% exp and 2.5% last. The GDP expenditure on Q3 stood at 1.1% vs 1.1% exp and 0.1% last.

Key facts - Statistics New Zealand

Gross domestic product (GDP):

- Economic activity increased 1.4 percent in the September 2013 quarter.

- Agriculture (up 17.0 percent) driven by increased dairy production was the main contributor to the growth.

- Construction (down 1.0 percent) and business services (down 0.8 percent) partly offset the growth.

- Economic activity for the year ended September 2013 was up 2.6 percent.

Expenditure on gross domestic product:

- The expenditure measure of GDP was up 1.1 percent in the September 2013 quarter.

- Gross fixed capital formation increased 3.1 percent, while inventories were built-up by $770 million

- Imports of goods and services increased 4.5 percent, driven by a rise in imports of machinery and plant.

- For the year ended September 2013, expenditure on GDP was up 2.7 percent.