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Monthly Economic Indicators

New Zealand Key Economic Data

30 Apr 2014

Quarterly Indicators

Quarterly Indicators
    2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1

Gross Domestic Product (GDP)

Real production GDP qtr % chg[1] 0.2 1.2 0.5 0.4 1.2 0.9 ...
ann ave % chg 2.8 2.6 2.3 2.2 2.6 2.7 ...
Real private consumption qtr % chg[1] 0.1 1.3 0.9 1.0 0.4 1.2 ...
ann ave % chg 3.1 2.9 2.6 2.6 3.1 3.4 ...
Real public consumption qtr % chg[1] 0.2 0.2 -0.8 0.5 2.1 -0.5 ...
ann ave % chg -0.9 -1.0 -0.6 -0.2 0.5 0.8 ...
Real residential investment qtr % chg[1] 3.8 2.8 7.6 -0.5 7.4 0.1 ...
ann ave % chg 14.0 15.7 19.3 17.9 17.5 17.4 ...
Real non-residential investment qtr % chg[1] -2.2 1.1 0.8 7.4 0.1 0.9 ...
ann ave % chg 4.5 4.6 3.7 3.8 5.3 6.9 ...
Export volumes qtr % chg[1] 3.4 -0.7 2.0 -3.6 -0.4 3.1 ...
ann ave % chg 3.2 2.2 2.5 2.6 1.0 1.0 ...
Import volumes qtr % chg[1] 1.2 0.5 1.9 2.2 4.1 0.2 ...
ann ave % chg 2.2 2.6 1.2 2.4 4.6 6.3 ...
Nominal GDP - expenditure basis ann ave % chg 3.3 2.3 2.1 1.7 2.8 5.2 ...
Real GDP per capita ann ave % chg 2.0 1.9 1.6 1.6 1.9 2.0 ...
Real Gross National Disposable Income ann ave % chg 2.0 1.1 0.6 1.7 3.1 5.3 ...

External Trade

Current account balance (annual) NZ$ millions -7,744 -8,590 -8,349 -8,243 -8,870 -7,546 ...
% of GDP -3.7 -4.1 -3.9 -3.9 -4.1 -3.4 ...
Investment income balance (annual) NZ$ millions -9,645 -9,300 -9,327 -8,896 -8,972 -9,307 ...
Merchandise terms of trade qtr % chg -3.2 -1.2 4.2 4.6 7.5 2.4 ...
ann % chg -9.2 -8.9 -2.8 4.3 15.8 20.0 ...

Prices

CPI inflation qtr % chg 0.3 -0.2 0.4 0.2 0.9 0.1 0.3
ann % chg 0.8 0.9 0.9 0.7 1.4 1.6 1.5
Tradable inflation ann % chg -1.2 -1.0 -1.1 -1.6 -0.5 -0.3 -0.6
Non-tradable inflation ann % chg 2.3 2.5 2.4 2.5 2.8 2.9 3.0
GDP deflator ann % chg -1.1 -2.2 0.1 0.2 3.2 6.9 ...
Consumption deflator ann % chg 0.4 0.6 0.4 0.1 0.6 0.8 ...

Labour Market

Employment (HLFS) qtr % chg[1] -0.4 0.5 0.2 0.4 1.2 1.1 ...
ann % chg[1] 0.0 0.4 0.4 0.7 2.4 3.0 ...
Unemployment rate %[1] 7.2 6.8 6.2 6.4 6.2 6.0 ...
Participation rate %[1] 68.4 68.2 67.9 68.1 68.6 68.9 ...
LCI salary & wage rates - total (adjusted)[5] qtr % chg 0.5 0.5 0.4 0.4 0.4 0.5 ...
ann % chg 1.9 1.8 1.8 1.7 1.6 1.6 ...
QES average hourly earnings - total[5] qtr % chg 1.1 -0.1 0.8 0.2 1.6 0.2 ...
ann % chg 2.8 2.6 2.1 2.1 2.6 2.9 ...
Labour productivity[6] ann ave % chg 3.1 3.4 2.3 1.6 0.6 -0.4 ...

Retail Sales

Core retail sales volume qtr % chg[1] 0.3 1.1 0.9 2.1 -0.2 0.7 ...
ann % chg 1.7 1.8 2.5 4.4 4.3 3.7 ...
Total retail sales volume qtr % chg[1] 0 1.8 0.8 1.5 0.2 1.2 ...
ann % chg 2.2 3.2 3.5 4.2 4.7 3.9 ...

Confidence Indicators/Surveys

               
WMM - consumer confidence[3] Index 103 111 111 117 115 120 122
QSBO - general business situation[4] net % 8.0 18.5 22.8 35.9 37.8 52.8 51.7
QSBO - own activity outlook[4] net % 13.2 5.7 12.2 23.6 28.7 29.9 35.3

Monthly Indicators

Monthly Indicators
    2013M10 2013M11 2013M12 2014M01 2014M02 2014M03 2014M04

External Sector

Merchandise trade - exports mth % chg[1] -0.1 2.2 5.7 -4.9 2.7 4.8 ...
ann % chg[1] 22.4 16.1 15.8 21.4 16.3 15.2 ...
Merchandise trade - imports mth % chg[1] -5.8 8.6 -2.1 0.5 3.8 1.1 ...
ann % chg[1] 5.6 -2.8 19.3 3.9 7.9 13.1 ...
Merchandise trade balance (12 month total) NZ$ million -1014 -274 -317 257 617 805 ...
Visitor arrivals number[1] 222,820 230,250 231,230 237,320 241,630 234,400 ...
Visitor departures number[1] 223,440 231,850 239,620 233,450 247,020 241,970 ...

Housing

Dwelling consents - residential mth % chg[1] 0.6 11.9 6.7 -8.5 -1.6 8.3 ...
ann % chg[1] 15.4 36.7 47.4 25.0 14.7 35.5 ...
House sales - dwellings mth % chg[1] 0.5 -7.5 -0.9 3.7 -5.7 -1.5 ...
ann % chg[1] 2.0 -6.6 -1.1 -4.3 -7.6 -10.0 ...
REINZ - house price index mth % chg 1.6 1.2 -1.0 -2.4 2.1 3.4 ...
ann % chg 9.9 9.6 9.2 7.7 8.2 9.2 ...

Private Consumption

Electronic card transactions - total retail mth % chg[1] 1.9 0.7 0.6 -0.4 0.8 0.0 ...
ann % chg 7.0 6.7 5.5 6.1 5.7 5.1 ...
New car registrations mth % chg[1] 7.2 2.7 -1.2 2.6 4.0 3.2 ...
ann % chg 16.2 23.0 20.3 20.2 23.6 26.8 ...

Migration

Permanent & long-term arrivals number[1] 8,300 8,190 8,310 8,230 8,490 8,740 ...
Permanent & long-term departures number[1] 5,320 5,440 5,370 5,080 4,960 4,890 ...
Net PLT migration (12 month total) number 17,490 19,478 22,468 25,666 29,022 31,914 ...

Commodity Prices

Brent oil price US$/Barrel 109.16 107.96 110.67 108.11 109.05 107.49 107.71
WTI oil price US$/Barrel 100.55 93.87 97.75 94.64 100.82 100.80 102.11
ANZ NZ commodity price index mth % chg -1.0 0.5 1.7 0.6 0.9 -2.6 ...
ann % chg 20.8 20.3 22.6 23.9 24.4 11.6 ...
ANZ world commodity price index mth % chg 1.4 -0.3 1.0 1.2 0.9 -0.1 ...
ann % chg 23.0 21.6 21.6 22.6 22.4 13.8 ...

Financial Markets

NZD/USD $[2] 0.8349 0.8265 0.8229 0.8283 0.8288 0.8517 0.8620
NZD/AUD $[2] 0.8784 0.8856 0.915 0.9347 0.9239 0.9395 0.9254
Trade weighted index (TWI) June 1979 = 100[2] 77.25 77.21 77.51 78.41 77.96 79.70 80.21
Official cash rate (OCR) % 2.50 2.50 2.50 2.50 2.50 2.75 3.00
90 day bank bill rate %[2] 2.67 2.66 2.73 2.88 2.93 3.05 3.24
10 year govt bond rate %[2] 4.65 4.71 4.76 4.64 4.57 4.58 4.55

Confidence Indicators/Surveys

ANZ Bank - business confidence net % 53.2 60.5 64.1 ... 70.8 67.3 64.8
ANZ Bank - activity outlook net % 47.1 47.1 53.5 ... 58.5 58.2 52.5
ANZ-Roy Morgan - consumer confidence net % 122.3 128.4 129.4 135.8 133.0 132.0 133.5
Performance of Manufacturing Index Index 56.1 57.0 56.5 56.4 56.5 58.4 ...
Performance of Services Index Index 58.0 56.4 57.5 58.0 52.8 58.3 ...

 

Abbreviations

qtr % chg
quarterly percent change
mth % chg
monthly percent change
ann % chg
annual percent change
ann ave % chg
annual average percent change

Notes

  • [1] Seasonally adjusted
  • [2] Average (11am)
  • [3] Westpac McDermott Miller
  • [4] Quarterly Survey of Business Opinion
  • [5] Ordinary time
  • [6] Production GDP divided by HLFS hours worked

Sources: Statistics New Zealand, Reserve Bank of New Zealand, NZIER, ANZ, Haver, Westpac McDermott Miller, ANZ-Roy Morgan, REINZ, BNZ-Business NZ

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