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New Zealand Economic and Financial Overview 2009

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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:

Gross Domestic Product and Gross National Expenditure
  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
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:

Gross Domestic Product by Production Group
  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
Gross Domestic Product by Industry Group.
Source: Statistics New Zealand
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