Economic activity, as measured by gross domestic product (GDP), grew 1.1 percent in the first three months of 2012, Statistics New Zealand said today. This strong growth follows revised growth of 0.4 percent in each of the previous three quarters.
Compared with the March 2011 quarter, economic activity in the March 2012 quarter was up 2.4 percent. For the year ended March 2012, economic activity was up 1.7 percent compared with the year ended March 2011.
"This quarter we saw growth spread across a number of industries, while in previous quarters the industry picture had been more mixed with growth in some industries offset by falls in others," national accounts manager Rachael Milicich said.
The main contributors to the increase in economic growth this quarter were, by industry:
"Continued good growing conditions have been a major factor in the growth this quarter, and is reflected in both the milk production in agriculture and in meat and dairy manufacturing," Ms Milicich said.
The expenditure measure of GDP was up 0.8 percent in the March 2012 quarter. The main features of this growth were:
The size of the economy (in current prices) was $202 billion for the year ended March 2012.
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