New Zealand GDP 4Q2013

by Eduardo Petazze
For calendar year 2013 New Zealand's GDP grew by 2.73%, from 2.57% in 2012
In the December 2013 quarter GDP (production approach) increased 0.94% Q/Q (+3.05% Y/Y)
For fiscal year 2013/14 GDP growth is estimated at 2.9%, from 2.3% in fiscal year 2012/13
Statistics of NZ released the Gross Domestic Product for the December 2013 quarter (pdf, 25 pages)
The following is a summary, including an estimate for the 1Q2014, completing the fiscal year 2013/2014

Gross data
Annual Fiscal Year ended
1Q2012 1Q2013 1Q2014
7,656
7,506
7,529
1,212
1,240
1,296
9,149
9,051
9,158
19,553
19,868
20,286
3,168
3,092
3,051
6,604
7,556
8,292
29,642
30,933
32,113
7,970
8,134
8,341
9,608
9,894 10,312
7,540
7,594
7,624
9,929
10,321
10,497
6,751
6,878
7,110
18,211
18,460
18,738
12,362
12,797
13,275
6,135
6,123
6,258
4,456
4,481
4,511
7,378
7,625
7,985
4,289
4,272
4,359
93,937
95,769
98,257
132,728 135,753 139,528
11,868
12,164
12,689
144,596 147,917 152,217
1Q2012 1Q2013 1Q2014
89,507
91,666
94,918
2,082
2,263
2,350
25,824
25,657
25,960
34,217
35,739
39,361
32,985
35,095
38,554
1,232
644
807
48,941
50,182
50,144
55,157
55,805
60,039
1,382
968
1,641
146,796 150,670 154,335
-2,200
-2,753
-2,118
144,596 147,917 152,217
1Q2012 1Q2013 1Q2014
12.42% -1.96%
0.30%
-12.81%
2.31%
4.55%
6.19% -1.07%
1.18%
2.87%
1.61%
2.10%
-2.43% -2.40% -1.32%
3.77% 14.42%
9.75%
2.20%
4.36%
3.82%
2.94%
2.06%
2.55%
3.93%
2.98%
4.23%
0.71%
0.72%
0.40%
5.77%
3.95%
1.70%
2.01%
1.88%
3.37%
1.54%
1.37%
1.50%
5.98%
3.52%
3.74%
0.16% -0.20%
2.20%
1.32%
0.56%
0.66%
-2.75%
3.35%
4.72%
-2.28% -0.40%
2.04%
1.96%
1.95%
2.60%
2.30%
2.28%
2.78%
3.56%
2.49%
4.31%
2.40%
2.30%
2.91%
1Q2012 1Q2013 1Q2014
2.88%
2.41%
3.55%
12.42%
8.69%
3.86%
0.23% -0.65%
1.18%
7.65%
4.45% 10.13%
5.40%
6.40%
9.86%

Not Seasonally adjusted chain-volume

NZ$ million (1995/96) prices
2013Q1 2013Q2 2013Q3
Agriculture, forestry, and fishing
2,016
1,347
1,667
Mining
307
332
326
Primary industries
2,390
1,791
2,087
Manufacturing
5,005
4,856
4,795
Electricity, gas, water, and waste services
728
741
796
Construction
1,911
2,053
2,097
Goods Producing Industries
7,725
7,784
7,867
Wholesale trade
1,953
2,018
2,068
Retail trade and accommodation
2,498
2,453
2,452
Transport, postal, and warehousing
1,914
1,834
1,862
Information media and telecommunications
2,565
2,576
2,647
Financial and insurance services
1,743
1,763
1,765
Rental, hiring, and real estate services
4,633
4,671
4,677
Prof, scientific, technical, admin, and support
3,282
3,352
3,326
Public administration and safety
1,493
1,602
1,554
Education and training
1,123
1,125
1,127
Health care and social assistance
1,913
1,973
1,987
Arts, recreation, and other services
1,080
1,080
1,099
Service Industries
24,017 24,297 24,370
GVA
34,132 33,872 34,324
Taxes
3,082
2,845
3,031
GDP (P)
37,214 36,717 37,355
NZ$ million (1995/96) prices
2013Q1 2013Q2 2013Q3
Households consumption expenditure
22,359 23,109 23,536
Non-Profit institutions
576
580
583
Government expenditure
6,250
6,712
6,410
Gross capital formation
8,923
8,253 10,496
Gross fixed capital formation
8,605
9,545
9,530
Change in inventories
318
-1,292
966
Exports of goods and services
13,558 12,578 11,070
Less imports of goods and services
13,382 13,922 16,008
Residual
50
409
639
GDP (E)
38,334 37,719 36,726
Discepancy
-1,120
-1,002
629
GDP (P)
37,214 36,717 37,355
Y/Y
2013Q1 2013Q2 2013Q3
Agriculture, forestry, and fishing
-7.18% -10.02%
4.06%
Mining
4.78%
3.11%
1.24%
Primary industries
-5.20% -6.77%
3.32%
Manufacturing
1.69% -0.35%
2.39%
Electricity, gas, water, and waste services
-1.22% -1.33% -3.05%
Construction
18.25% 15.40%
9.68%
Goods Producing Industries
5.62%
3.97%
3.69%
Wholesale trade
2.14%
0.80%
1.92%
Retail trade and accommodation
3.14%
4.74%
4.92%
Transport, postal, and warehousing
-0.57% -0.76%
0.59%
Information media and telecommunications
4.18%
2.59%
1.26%
Financial and insurance services
2.71%
3.71%
3.10%
Rental, hiring, and real estate services
1.16%
1.48%
1.78%
Prof, scientific, technical, admin, and support
4.06%
5.67%
4.56%
Public administration and safety
-0.93%
3.42%
2.71%
Education and training
0.45%
0.63%
0.71%
Health care and social assistance
3.52%
3.24%
5.41%
Arts, recreation, and other services
2.76%
2.96%
4.87%
Service Industries
2.12%
2.77%
2.99%
GVA
2.34%
2.48%
3.17%
Taxes
0.46%
0.78%
5.02%
GDP (P)
2.18%
2.35%
3.32%
Y/Y
2013Q1 2013Q2 2013Q3
Households consumption expenditure
2.61%
3.42%
3.76%
Non-Profit institutions
5.88%
4.69%
3.55%
Government expenditure
-0.11%
0.13%
2.04%
Gross capital formation
1.50%
8.65% 16.47%
Gross fixed capital formation
5.52%
7.32% 11.07%
Change in inventories
Exports of goods and services
4.40%
0.80% -2.80%
Less imports of goods and services
1.16%
5.77%
9.22%
GDP (E)
2.65%
2.23%
2.85%
GDP (P)
2.18%
2.35%
3.32%

2013Q4
2,438
320
2,811
5,489
788
2,100
8,461
2,233
2,822
1,995
2,630
1,788
4,688
3,254
1,585
1,128
2,021
1,095
25,031
36,303
3,552
39,855
2013Q4
25,191
585
6,508
10,965
10,059
906
12,908
15,848
341
40,650
-795
39,855
2013Q4
1.97%
10.73%
3.35%
3.43%
-0.51%
7.47%
4.02%
3.86%
3.86%
0.71%
-0.04%
3.77%
1.27%
2.91%
1.08%
0.62%
5.48%
0.00%
2.39%
2.84%
5.31%
3.05%
2013Q4
3.76%
2.63%
1.34%
7.42%
11.57%

2014Q1
2,077
318
2,469
5,146
726
2,042
8,001
2,022
2,585
1,933
2,644
1,794
4,702
3,343
1,517
1,131
2,004
1,085
24,559
35,029
3,261
38,290
2014Q1
23,082
602
6,330
9,647
9,420
227
13,588
14,261
252
39,240
-950
38,290
2014Q1
3.01%
3.71%
3.29%
2.81%
-0.23%
6.88%
3.57%
3.55%
3.50%
1.00%
3.07%
2.93%
1.48%
1.87%
1.60%
0.67%
4.75%
0.49%
2.26%
2.63%
5.80%
2.89%
2014Q1
3.23%
4.59%
1.27%
8.11%
9.47%

1.18%
8.51%
2.31%
3.05%

0.22%
6.57%
2.36%
2.89%

NZ$ million (1995/96) prices

2013Q2 2013Q3 2013Q4
Agriculture, forestry, and fishing
1,761
1,959
1,919
Mining
320
308
337
Primary industries
2,168
2,338
2,345
Manufacturing
4,959
5,040
5,147
Electricity, gas, water, and waste services
748
754
782
Construction
2,064
2,037
2,044
Goods Producing Industries
7,898
7,945
8,089
Wholesale trade
2,035
2,060
2,126
Retail trade and accommodation
2,563
2,567
2,578
Transport, postal, and warehousing
1,905
1,896
1,915
Information media and telecommunications
2,576
2,647
2,630
Financial and insurance services
1,763
1,765
1,788
Rental, hiring, and real estate services
4,671
4,677
4,688
Prof, scientific, technical, admin, and support
3,352
3,326
3,254
Public administration and safety
1,559
1,567
1,568
Education and training
1,125
1,127
1,128
Health care and social assistance
1,958
1,998
2,023
Arts, recreation, and other services
1,085
1,097
1,087
Service Industries
24,423 24,525
24,589
GVA
34,489 34,808
35,023
Taxes
3,021
3,141
3,281
GDP (P)
37,510 37,949
38,304
NZ$ million (1995/96) prices
2013Q2 2013Q3 2013Q4
Households consumption expenditure
23,465 23,568
23,865
Non-Profit institutions
580
583
585
Government expenditure
6,418
6,553
6,520
Gross capital formation
9,692 10,179
9,706
Gross fixed capital formation
9,443
9,649
9,724
Change in inventories
249
530
-18
Exports of goods and services
12,329 12,282
12,662
Less imports of goods and services
14,543 15,144
15,179
Residual
184
473
558
GDP (E)
38,125 38,494
38,717
Discepancy
-615
-545
-413
GDP (P)
37,510 37,949
38,304
Q/Q
2013Q2 2013Q3 2013Q4
Agriculture, forestry, and fishing
-2.60% 11.24% -2.04%
Mining
-0.31% -3.75%
9.42%
Primary industries
-2.08%
7.84%
0.30%
Manufacturing
-0.32%
1.63%
2.12%
Electricity, gas, water, and waste services
-2.09%
0.80%
3.71%
Construction
2.38% -1.31%
0.34%
Goods Producing Industries
0.23%
0.60%
1.81%
Wholesale trade
-0.78%
1.23%
3.20%
Retail trade and accommodation
1.95%
0.16%
0.43%
Transport, postal, and warehousing
0.90% -0.47%
1.00%
Information media and telecommunications
0.43%
2.76% -0.64%
Financial and insurance services
1.15%
0.11%
1.30%
Rental, hiring, and real estate services
0.82%
0.13%
0.24%
Prof, scientific, technical, admin, and support
2.13% -0.78% -2.16%
Public administration and safety
1.50%
0.51%
0.06%
Education and training
0.18%
0.18%
0.09%
Health care and social assistance
1.14%
2.04%
1.25%
Arts, recreation, and other services
0.00%
1.11% -0.91%
Service Industries
1.01%
0.42%
0.26%
GVA
0.63%
0.92%
0.62%
Taxes
-2.04%
3.97%
4.46%
GDP (P)
0.41%
1.17%
0.94%
Q/Q
2013Q2 2013Q3 2013Q4
Households consumption expenditure
1.05%
0.44%
1.26%
Non-Profit institutions
0.69%
0.52%
0.34%
Government expenditure
0.52%
2.10% -0.50%
Gross capital formation
7.01%
5.02% -4.65%
Gross fixed capital formation
6.03%
2.18%
0.78%
Exports of goods and services
-3.60% -0.38%
3.09%
Less imports of goods and services
2.22%
4.13%
0.23%
GDP (E)
0.14%
0.97%
0.58%
GDP (P)
0.41%
1.17%
0.94%
Own estimate
Also see:
Key graphs - Real GDP
Balance Of Payments and International Investment Position: December 2013 quarter pdf, 27 pages
NZIER - Consensus Forecasts March 2014

2014Q1
1,890
331
2,307
5,140
767
2,147
8,181
2,120
2,604
1,908
2,644
1,794
4,702
3,343
1,564
1,131
2,006
1,090
24,720
35,208
3,246
38,454
2014Q1
24,020
602
6,469
9,784
9,738
46
12,871
15,173
426
38,999
-545
38,454
2014Q1
-1.53%
-1.66%
-1.64%
-0.14%
-1.88%
5.06%
1.14%
-0.26%
1.02%
-0.35%
0.52%
0.34%
0.29%
2.75%
-0.27%
0.22%
-0.85%
0.30%
0.53%
0.53%
-1.07%
0.39%
2014Q1
0.65%
2.98%
-0.79%
0.80%
0.14%
1.65%
-0.04%
0.73%
0.39%

2.79%
6.54%
2.34%
2.40%
Own estimate

2.54%
1.17%
2.64%
2.30%

-0.08%
7.59%
2.43%
2.91%

Seasonally adjusted data

Seasonally adjusted chain-volume
2012Q2 2012Q3 2012Q4 2013Q1
1,959
1,880
1,884
1,808
312
303
305
321
2,345
2,256
2,263
2,214
4,961
4,919
4,979
4,975
757
778
786
764
1,786
1,860
1,900
2,016
7,582
7,666
7,778
7,880
2,020
2,019
2,048
2,051
2,450
2,444
2,485
2,514
1,921
1,885
1,902
1,888
2,511
2,614
2,631
2,565
1,700
1,712
1,723
1,743
4,603
4,595
4,629
4,633
3,172
3,181
3,162
3,282
1,509
1,528
1,549
1,536
1,118
1,119
1,121
1,123
1,895
1,895
1,919
1,936
1,054
1,046
1,087
1,085
23,772
23,808
24,021 24,178
33,699
33,730
34,062 34,272
2,947
2,995
3,104
3,084
36,646
36,725
37,166 37,356
2012Q2 2012Q3 2012Q4 2013Q1
22,690
22,712
23,007 23,222
554
563
570
576
6,409
6,422
6,437
6,385
8,891
8,788
8,991
9,057
8,700
8,703
8,773
8,906
191
85
218
151
12,211
12,630
12,536 12,789
13,726
13,893
13,961 14,227
233
213
275
271
37,262
37,435
37,855 38,073
-616
-710
-689
-717
36,646
36,725
37,166 37,356
2012Q2 2012Q3 2012Q4 2013Q1
0.51% -4.03%
0.21% -4.03%
1.63% -2.88%
0.66%
5.25%
0.73% -3.80%
0.31% -2.17%
0.98% -0.85%
1.22% -0.08%
-2.32%
2.77%
1.03% -2.80%
4.87%
4.14%
2.15%
6.11%
1.51%
1.11%
1.46%
1.31%
0.55% -0.05%
1.44%
0.15%
0.66% -0.24%
1.68%
1.17%
1.16% -1.87%
0.90% -0.74%
1.99%
4.10%
0.65% -2.51%
0.18%
0.71%
0.64%
1.16%
0.50% -0.17%
0.74%
0.09%
0.57%
0.28% -0.60%
3.80%
-2.65%
1.26%
1.37% -0.84%
0.00%
0.09%
0.18%
0.18%
1.28%
0.00%
1.27%
0.89%
-0.28% -0.76%
3.92% -0.18%
0.41%
0.15%
0.89%
0.65%
0.68%
0.09%
0.98%
0.62%
-5.12%
1.63%
3.64% -0.64%
0.19%
0.22%
1.20%
0.51%
2012Q2 2012Q3 2012Q4 2013Q1
0.12%
0.10%
1.30%
0.93%
1.84%
1.62%
1.24%
1.05%
0.34%
0.20%
0.23% -0.81%
-0.50% -1.16%
2.31%
0.73%
2.58%
0.03%
0.80%
1.52%
-0.33%
3.43% -0.74%
2.02%
-2.53%
1.22%
0.49%
1.91%
0.42%
0.46%
1.12%
0.58%
0.19%
0.22%
1.20%
0.51%