You are here

Construction fires New Zealand economic growth

2017-07-08T061303Z_374184079_RC169CBB7CB0_RTRMADP_3_NEW-ZEALAND-DAILYLIFE.JPG
New Zealand's economy grew 0.6 per cent in the July-September quarter thanks to a rebound in construction, official data released on Thursday showed.

[WELLINGTON] New Zealand's economy grew 0.6 per cent in the July-September quarter thanks to a rebound in construction, official data released on Thursday showed.

The rise in quarterly gross domestic product (GDP) was in line with market expectations, taking annual growth to 3.0 per cent.

"Construction activity recovered this quarter, unwinding the previous two quarterly falls," Statistics New Zealand said.

"This reflected higher construction-related investment, with investment in infrastructure and residential buildings also reporting strong increases."

Construction jumped 3.6 per cent over the quarter while service industries rose 0.6 per cent, with health and residential care leading the way.

Statistics NZ said primary industries fell 0.4 per cent, partly because wet weather lowered milk production.

AFP

sentifi.com

Market voices on: