New Zealand GDP Q4 2013 in line with expectations

FXStreet (Bali) - Gross domestic product in New Zealand for the fourth quarter of 2013, QoQ, came at +0.9% vs 0.9% expected and +1.4% last. The yearly reading came at +3.1% vs 3% expected and +3.5% last.

Key facts

Gross domestic product (GDP):

Economic activity increased 0.9 percent in the December 2013 quarter.
Manufacturing (up 2.1 percent) and wholesale trade (up 3.2 percent) were the main drivers this quarter.

Business services (down 2.1 percent) and agriculture, forestry, and fishing (down 2.0 percent) partly offset the growth.

Economic activity for the year ended December 2013 was up 2.7 percent.

Expenditure on gross domestic product:

The expenditure measure of GDP was up 0.6 percent in the December 2013 quarter.

Household consumption expenditure (up 1.3 percent) and exports (up 3.1 percent) were the main drivers of this rise.

Inventories were run down by $18 million, due to manufacturing inventories being run down.

Investment was up by 0.4 percent, driven by an increase in plant, machinery, and equipment.

For the year ended December 2013, expenditure on GDP was up 2.5 percent.