GDP rises 0.5 per cent for June quarter

New Zealand's gross domestic product (GDP) has increased 0.5 per cent in the June 2019 quarter. 

Source: 1 NEWS

Gary Dunnet of Statistics New Zealand said service industries was the main contributor to the growth. 

Declines in manufacturing and construction drove a 0.2 per cent drop in the goods producing industries. 

"This quarter, lower investment in non-residential building and a decline in food, beverage, and tobacco manufacturing led to the falls," Mr Dennet said. 

The annual growth saw a rise of 2.1 per cent. 

New Zealand's economy in annual current price terms rose to $300 billion.

"It took about 14 years for the economy to go from $100 billion to $200 billion, and nine years to reach $300 billion," Mr Dunnet said.

Yesterday, ahead of the announcement, Deputy Prime Minister Winston Peters was asked of his GDP prediction. 

"You've got Trump, you've got China, you've got a whole host of things going on and New Zealand is still doing far better than nearly every other first world country," he said.

"Will they be down? Of course they'll be down, but we said so back then."

National's Paul Goldsmith said the Government would "presumably continue to blame President Trump, President Xi, Brexit, Hong Kong, Iran, Saudi Arabia or anyone but themselves for New Zealand’s economic slowdown". 

"The Government needs to take responsibility for the slowing economy because it has added costs to businesses and families," he said.