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National Accounts
In the year to September 2008, the New Zealand economy recorded annual average annual GDP growth of 1.7%. Growth in the September quarter was -0.4% following growth of -0.2% in the June quarter and -0.3% in the March quarter. Growth is expected to be near zero in 2009/10 and to resume during the 2010/11 year.
Gross Domestic Product and Gross National Expenditure(1)
The following table shows Gross Domestic Product and Gross National Expenditure in nominal terms for the last five March years:
| Year ended 31 March (dollar amounts in millions) |
|||||
|---|---|---|---|---|---|
| 2004 | 2005 | 2006 | 2007 | 2008 | |
| Compensation of Employees | 59,500 | 64,237 | 68,920 | 73,803 | 78,242 |
| Net Operating Surplus | 44,046 | 46,741 | 47,207 | 47,507 | 52,071 |
| Consumption of Fixed Capital | 18,902 | 20,315 | 21,858 | 23,595 | 25,082 |
| Indirect Taxes | 17,932 | 19,146 | 20,451 | 21,594 | 22,688 |
| Less Subsidies | 442 | 491 | 581 | 596 | 612 |
| Gross Domestic Product | 139,939 | 149,949 | 157,855 | 165,903 | 177,472 |
Final Consumption Expenditure |
|||||
| General Government | 24,383 | 26,347 | 28,521 | 30,843 | 33,304 |
| Private | 82,218 | 87,580 | 93,314 | 98,544 | 103,497 |
| Physical Increase in Stocks | 1,259 | 1,646 | 1,110 | 251 | 1,395 |
| Gross Fixed Capital Formation | 31,676 | 35,571 | 38,096 | 39,057 | 41,418 |
| Gross National Expenditure | 139,536 | 151,144 | 161,041 | 168,695 | 179,614 |
| Exports of Goods and Services | 40,658 | 43,337 | 43,808 | 48,202 | 51,390 |
| Less Imports of Goods and Services | 40,254 | 44,533 | 47,514 | 50,653 | 52,946 |
| Expenditure on Gross Domestic Product | 139,939 | 149,948 | 157,335 | 166,244 | 178,058 |
(1) 2008 data estimated. Prior years data revised.
- Real Gross Domestic Product

- Source: Statistics New Zealand
Gross Domestic Product by Production Group(1)
The following table shows Gross Domestic Product by major industries at constant 1995/96 prices:
| Year ended 31 March (dollar amounts in millions) |
||||||
|---|---|---|---|---|---|---|
| 2004 | 2005 | 2006 | 2007 | 2008 | 2008 % of Total |
|
| Finance Insurance & Business Services, etc | 30,418 | 31,558 | 33,245 | 34,532 | 35,867 | 26.5% |
| Manufacturing | 19,054 | 19,638 | 19,351 | 18,970 | 19,166 | 14.1% |
| Personal & Community Services | 14,568 | 14,904 | 15,247 | 15,669 | 16,037 | 11.8% |
| Transport & Communication | 12,124 | 12,868 | 13,228 | 13,516 | 14,214 | 10.5% |
| Wholesale Trade | 9,195 | 9,823 | 10,077 | 10,081 | 10,508 | 7.8% |
| Retail, Accommodation, Restaurants | 8,866 | 9,406 | 9,825 | 10,098 | 10,412 | 7.7% |
| Agriculture | 6,300 | 6,090 | 6,485 | 6,505 | 6,372 | 4.7% |
| Construction | 5,715 | 6,097 | 6,367 | 6,251 | 6,527 | 4.8% |
| Govt Administration & Defence | 4,887 | 5,183 | 5,489 | 5,925 | 6,246 | 4.6% |
| Fishing, Forestry, Mining | 2,740 | 2,633 | 2,597 | 2,567 | 3,193 | 2.4% |
| Electricity Gas & Water | 2,395 | 2,525 | 2,414 | 2,485 | 2,379 | 1.8% |
| Gross Domestic Product | 120,813 | 125,365 | 129,081 | 131,449 | 135,506 | 100.0% |
| Annual Average % change | 4.3 | 3.8 | 3.0 | 1.8 | 3.1 | |
| Primary Industries | 9,127 | 8,811 | 9,194 | 9,188 | 9,618 | 7.1% |
| Goods Producing Industries | 27,173 | 28,299 | 28,170 | 27,783 | 28,122 | 20.8% |
| Service Industries | 79785 | 83377 | 86814 | 89615 | 92995 | 68.6% |
(1) 2008 data estimated. Prior years data revised.
- Gross Domestic Product by Industry Group

- Source: Statistics New Zealand