Big-spending tourists have helped the New Zealand economy grow faster than expected, with official figures yesterday showing GDP accelerated 0.9 percent in the July-September quarter.
Annual economic growth in the 12 months to September was 2.3 percent, weighed down by lower figures earlier in the year on the back of slumping dairy prices.
Statistics New Zealand said the quarterly increase — which was up from a revised 0.3 percent in the previous quarter — was driven by manufacturing and growth in service industries.
Higher visitor numbers boosted retail trade and accommodation services, which were up 1.6 percent in the quarter, while the services sector as a whole — accounting for 70 percent of the economy — rose 0.9 percent.
“The service industries were fueled by greater domestic demand and spending by international visitors. Nine of the 11 service industries reported increases this quarter,” national accounts manager Gary Dunnet said.
New Zealand Minister of Finance Bill English attributed the softer first half of the year to the impact of lower global dairy prices on the nation, the world’s leading dairy exporter.
The central bank has since eased the official cash rate four times to reach a record-low 2.5 percent to spur the stalling economy.
“New Zealand is a confident, open economy that responds quickly to international fluctuations and we are seeing that in the more positive performance that has occurred since July,” English said.
There was a mixed picture for the goods-producing industries, with an increase in manufacturing partly offset by a decrease in construction.
Manufacturing grew 2.8 percent in the September quarter due to the largest increase in food, beverage and tobacco production since March 2012.
Production, domestic consumption, and exports of food and beverage products all increased. The construction industry was down 2.9 percent.
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