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Gross Domestic Product: December 2016 quarter
Embargoed until 10:45am  –  16 March 2017
Key facts

Economic activity, as measured by gross domestic product (GDP), grew 0.4 percent in the December 2016 quarter.

The main movements by industry were:

  • Services was the main driver of GDP growth this quarter.
  • Business services was up 1.7 percent, due to computer system design and related services and advertising, market research and management services.
  • Arts, recreation, and other services, was up 3.8 percent, with repair and maintenance services the largest contributor.
  • Agriculture was down 0.6 percent, due to falling milk production.
  • Manufacturing was down 1.6 percent, due to decreased food, beverage, and tobacco product manufacturing.

Expenditure on gross domestic product grew 0.2 percent in the December 2016 quarter.

The main movements in GDE were:

  • Household consumption expenditure was up 0.4 percent, driven by spending on services and durable goods.
  • Investment in fixed assets was up 0.7 percent, due to increased investment in plant, machinery and equipment.
  • Inventories built up $906 million, due to distribution and manufacturing inventories.
  • Exports of goods and services was down 3.8 percent, due to exports of dairy products.
  • Imports of goods and services was up 1.9 percent, due to imports of machinery and plant.

 Image showing GDP growth in the December 2016 quarter, by industry.

 Image showing size of the economy and increases and decreases in GDP by component, December 2016 quarter.

Liz MacPherson, Government Statistician
ISSN 1178-0290
16 March 2017

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