GDP up 0.9%

Stats NZ reports:

GDP increased 0.9 percent in the December 2015 quarter, boosted by the service industries, Statistics New Zealand said today.

“The service industries grew 0.8 percent overall,” national accounts senior manager Gary Dunnet said. “Business services in particular, posted a strong increase, as well as retail trade and accommodation.”

The strong performance of the service industries this quarter was offset by falls in the agriculture and manufacturing sectors. …

“While we’ve seen 0.9 percent growth in both the December and September quarters, growth for the year ended December 2015 edged down to 2.5 percent,” Mr Dunnet said. “This reflects the slower first half of 2015.”

A pretty good quarterly result. However the next quarter is likely to be considerably lower.

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