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Thursday, 18 September 2014

Economy: growth staying strong

Stats NZ have released the latest GDP (the measure of the size of our economy) figures:
GDP growth for the year ended June 2014 was 3.5 percent. This is the highest annual growth since the September 2007 quarter.
The expenditure measure of GDP rose 0.5 percent in the June 2014 quarter. Domestic demand (spending and investment by New Zealanders) increased 2.2 percent, while exports fell and imports rose.
Interestingly, our current account deficit actually decreased.
The size of the economy (in current prices) was $229 billion for the year ended June 2014. GDP per capita was $51,190 for the same period.
It's very pleasing to see added value industries, such as software development, are expanding.