GDP up 1.0% in last quarter

Stats NZ reports:

Gross domestic product (GDP) was up 1.0 percent in the September 2014 quarter, Statistics New Zealand said today. The growth was driven by primary industries, which increased 5.8 percent

“This is some of the strongest growth in primary industries for 15 years,” national accounts manager Gary Dunnet said. “Milk production had a good start to the season, while oil exploration, and oil and gas extraction also grew.”

The key drivers in the September 2014 quarter were agriculture (up 4.7 percent), and mining (up 8.0 percent). In contrast, forestry and logging was down 4.0 percent.

Manufacturing activity also grew (2.0 percent), led by increases in metal product manufacturing (up 4.9 percent), and machinery and equipment manufacturing (up 3.7 percent).

“Service industries were mixed this quarter, with rises in telecommunications and retail being offset by falls in transport and business services,” Mr Dunnet said.

GDP growth for the year ended September 2014 was 2.9 percent.

That’s pretty solid growth. Manufacturing up 2% is a weird sort of crisis.