1.5% quarterly GDP growth!

March 21st, 2013 at 11:39 am by David Farrar

Stats NZ reports:

Gross domestic product () rose 1.5 percent in the December 2012 quarter, the strongest quarterly growth since December 2009, Statistics New Zealand said today.

“Fifteen of the 16 industries recorded increases in the last three months of 2012, reflecting the broad-based nature of growth in this quarter,” national accounts manager Rachael Milicich said. …

Economic activity for the year ended December 2012 was up 2.5 percent. This is the highest annual growth in GDP since March 2008, when the economic recession began.

It’s only one quarter, but hopefully the a start that can be sustained.

Also pleasing is private consumption is up 1.5% this quarter while government consumption is down 0.7%. Yay.

Exports went up 0.9% and imports dropped 2.0%.

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12 Responses to “1.5% quarterly GDP growth!”

  1. lazza (381 comments) says:

    Yay! too … viz Gummint spends less. I hope Local Gov gets the message also. They should! … as they are now legally obligated (LG ACT Amendment Dec 2012) to be “cost’-effective”! Novel concept?

    Now … No white anting/back sliding/pathetic excuses please chaps/esses … of our Councils!

    The real world of Council expenditure/payroll increases BELOW the CPI has arrived for YOU!

    So get with the programme please … there’s a good beauracrat!.

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  2. Lance (2,654 comments) says:

    But but but

    There is so much doom, so much gloom, the end of the world and P.I.G.S
    Not to mention Obama’s evil plan to destroy the Western world as we know it and enslave us all into Islam.

    You must think negativity.

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  3. Redbaiter (8,801 comments) says:

    Meanwhile, with a society largely unencumbered by the economic drag of left wing ideology, Singapore races ahead-

    Economists now expect Singapore’s gross domestic product (GDP) to grow 2.8 per cent this year, slightly higher than the median estimate of 2.7 per cent in the previous poll, according to the latest quarterly Survey of Professional Forecasters.

    For the labour market, the respondents continue to forecast the unemployment rate to be 2 per cent by year-end.

    Looking ahead, for next year, the economy will gather steam, with GDP growth reaching 4 per cent while inflation will cool even further to 3.4 per cent, according to the predictions in the survey.

    http://www.todayonline.com/business/economists-raise-singapores-2013-growth-forecast-28

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  4. Bogusnews (473 comments) says:

    This is great news and should appear in the MSM, although I’m not holding my breath. I have some confidence that this could continue as there have been a couple of other reports that seem to indicate we are turning a corner.

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  5. flipper (4,051 comments) says:

    EXCELLENT :)

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  6. RRM (9,917 comments) says:

    When you say something is up 0.9% or down 0.7%… you’re basically saying the change (if any) was almost too small to measure aren’t you? Really??

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  7. hannity (152 comments) says:

    Red Says
    Meanwhile, with a society largely unencumbered by the economic drag of left wing ideology, Singapore races ahead.

    Stop being such a martyr, just go

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  8. Keeping Stock (10,337 comments) says:

    @ RRM – 1.5% quarterly growth though is especially noteworthy, which I’m sue a fair-minded leftie such as yourself will acknowledge. Here’s hoping that it is maintained.

    Doubtless though the nay-sayers like Parker and Norman will do their usual woe-is-us routine this afternoon.

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  9. RRM (9,917 comments) says:

    Keeping Stock –
    I’m no economist but I’ve noticed that quarterly measures of GDP growth tend to swing so rapidly fore and aft that it’s hard to get too hopeful on the basis of one particularly good-looking quarter. 1.5% quarterly growth may be the same rate as 6% annual growth, but it is far from the same thing!

    But yes it must make it harder to espouse ideas like “the country can’t afford transmission gully!” when the economy continues to grow…

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  10. Ed Snack (1,872 comments) says:

    From the point of view of the rural economy, this is old news. Things were good, back then. The dry conditions have put a hell of a crimp on spending since, although it will take the cities longer to feel it.

    So I see it as a one-off, annual will be lucky to get to 3% going forward unless it starts raining again next week.

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  11. Auberon (873 comments) says:

    Vernon Small’s not happy: @VernonSmall Minister Joyce treating himself to a crow-a-thon over the surprise 1.5pc gdp growth rate in Q4 2012

    He and Chippie will have to work out how to fight back over coffee and a muffin tomorrow morning. Grant might get to come along too.

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  12. Elaycee (4,392 comments) says:

    Bogusnews:

    This is great news and should appear in the MSM, although I’m not holding my breath.

    It may not be ‘newsworthy’ in NZ, but this is one of the lead items (after the Cyprus story) on the BBC World Service currently beamed into the Middle East this morning (just before 6am here). The result is seen as a good one for NZ – the item acknowledges the growth in construction / the CHC rebuild / the 23% improvement in the Fonterra milk powder price etc.

    Its only the ‘doom and gloom’ merchants within the New Zealand MSM that want to paint a poor picture of NZ. (Politics etc)…

    The rest of the global media seem to focus on facts…..

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