The better-than-expected data has given NZD/USD a bit of a blip higher.
Stats NZ:
- “Business services was the biggest driver of economic growth this quarter, largely due to computer system design,”
- Several other industries also contributed to the growth this quarter, including: public administration, safety, and defense rental, hiring, and real estate services electricity, gas, water, and waste.
- Transport equipment and machinery manufacturing drove higher activity in the manufacturing industry
- Manufacturing activity increased this quarter after five consecutive quarters of decline.
- “Following the impacts of Cyclone Gabrielle, both education and transport, postal, and warehousing grew this quarter after a decline in the March quarter. Agriculture, forestry, and fishing, which was also impacted by extreme weather events, fell in both the March and June quarters,”
- Exports rose 5.0 percent, led by higher dairy, forestry, and meat exports.
- Household spending grew 0.4 percent this quarter driven by increased spending on durables, including motor vehicles and audio-visual equipment.
- Increases in exports, household spending, and investment resulted in a decrease in stock levels, particularly affecting motor vehicle and forestry inventories.
more to come
