The Treasury

Global Navigation

Personal tools

Treasury
Publication

Monthly Economic Indicators

New Zealand Key Economic Data

29 August 2017

Quarterly Indicators

Quarterly Indicators
    2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2

Gross Domestic Product (GDP)

Real production GDP qtr % chg[1] 1.1 0.7 0.8 0.8 0.4 0.5 ...
ann ave % chg 2.5 2.4 2.7 3.0 3.1 3.0 ...
Real private consumption qtr % chg[1] 1.4 0.3 2.0 1.3 0.4 1.2 ...
ann ave % chg 2.9 2.8 3.2 3.9 4.1 4.6 ...
Real public consumption qtr % chg[1] -0.1 1.2 0.2 1.2 1.0 1.0 ...
ann ave % chg 2.6 2.7 1.9 1.9 2.4 2.6 ...
Real residential investment qtr % chg[1] 1.3 4.8 4.9 0.7 0.1 -1.6 ...
ann ave % chg 2.0 2.8 6.3 9.0 11.1 10.2 ...
Real non-residential investment qtr % chg[1] -2.4 1.8 0.9 0.6 1.9 2.3 ...
ann ave % chg 2.2 2.4 2.4 1.7 3.2 3.7 ...
Export volumes qtr % chg[1] 0.2 -0.5 3.5 -1.1 -3.2 -0.4 ...
ann ave % chg 6.8 5.5 4.9 3.3 1.9 1.0 ...
Import volumes qtr % chg[1] 0.5 0.6 2.5 1.5 1.8 1.3 ...
ann ave % chg 3.7 2.1 1.1 1.8 3.4 5.1 ...
Nominal GDP - expenditure basis ann ave % chg 3.3 4.1 4.1 4.4 5.4 5.6 ...
Real GDP per capita ann ave % chg 0.5 0.4 0.7 0.9 1.0 0.9 ...
Real Gross National Disposable Income ann ave % chg 1.4 1.9 2.5 3.0 3.9 3.9 ...

External Trade

Current account balance (annual) NZ$ millions -8,321 -7,821 -7,371 -7,618 -7,192 -8,132 ...
% of GDP -3.4 -3.1 -2.9 -3.0 -2.8 -3.1 ...
Investment income balance (annual) NZ$ millions -9,207 -8,752 -8,337 -8,221 -7,948 -8,308 ...
Merchandise terms of trade qtr % chg -2.0 4.2 -2.0 -1.1 5.7 5.1 ...
ann % chg -3.2 -0.4 -3.8 -1.1 6.7 7.7 ...

Prices

CPI inflation qtr % chg -0.5 0.2 0.4 0.3 0.4 1.0 0.0
ann % chg 0.1 0.4 0.4 0.4 1.3 2.2 1.7
Tradable inflation ann % chg -2.1 -1.2 -1.5 -2.1 -0.1 1.6 0.9
Non-tradable inflation ann % chg 1.8 1.6 1.8 2.4 2.4 2.5 2.4
GDP deflator ann % chg 0.3 1.0 0.2 1.4 4.2 4.0 ...
Consumption deflator ann % chg 0.7 0.8 0.8 0.1 0.7 1.6 ...

Labour Market

Employment (HLFS) qtr % chg[1] 1.0 1.2 2.4 1.4 0.7 1.1 -0.1
ann % chg[1] 1.4 2.0 4.5 6.1 5.8 5.7 3.1
Unemployment rate %[1] 4.9 5.2 5.1 4.9 5.2 4.9 4.8
Participation rate %[1] 68.2 68.8 69.7 70.1 70.5 70.6 70.0
LCI salary & wage rates - total (adjusted)[5] qtr % chg 0.4 0.4 0.4 0.5 0.4 0.4 0.4
ann % chg 1.5 1.6 1.5 1.7 1.6 1.6 1.7
QES average hourly earnings - total[5] qtr % chg 0.3 0.3 0.5 0.5 -0.1 0.5 0.6
ann % chg 2.1 2.4 2.1 1.7 1.3 1.5 1.6
Labour productivity[6] ann ave % chg 0.5 0.8 -0.2 -1.2 -2.1 -3.3 ...

Retail Sales

Core retail sales volume qtr % chg[1] 1.6 0.9 2.3 0.3 0.7 1.5 2.1
ann % chg 5.2 4.8 6.4 5.0 3.8 3.8 4.7
Total retail sales volume qtr % chg[1] 1.4 0.8 2.0 0.8 0.9 1.6 2
ann % chg 5.3 4.9 6.0 5.1 3.9 4.6 5.4

Confidence Indicators/Surveys

               
WMM - consumer confidence[3] Index 111 110 106 108 113 112 113
QSBO - general business situation[4] net % 14.7 1.7 18.6 25.7 28.3 17.1 17.8
QSBO - own activity outlook[4] net % 21.6 3.8 16.8 39.2 27.0 20.6 18.4

Monthly Indicators

Monthly Indicators
    2017M02 2017M03 2017M4 2017M05 2017M06 2017M07 2017M08

External Sector

Merchandise trade - exports mth % chg[1] -2.7 -3.4 17.2 -6.7 3.5 6.7 ...
ann % chg[1] -5.3 9.3 8.8 7.7 10.7 16.8 ...
Merchandise trade - imports mth % chg[1] 0.8 -3.4 5.8 1.0 -3.1 2.0 ...
ann % chg[1] 4.8 7.9 4.6 14.9 7.6 5.4 ...
Merchandise trade balance (12 month total) NZ$ million -3782 -3709 -3512 -3789 -3649 -3213 ...
Visitor arrivals number[1] 300,220 307,750 315,930 311,480 326,610 309,400 ...
Visitor departures number[1] 302,460 306,780 315,400 315,810 309,700 326,210 ...

Housing

Dwelling consents - residential mth % chg[1] 16.8 -2.6 -8.3 6.5 -1.3 -0.7 ...
ann % chg[1] 1.6 20.0 -10.8 10.9 -7.0 -1.7 ...

Private Consumption

Electronic card transactions - total retail mth % chg[1] -0.5 -0.3 1.0 -0.5 -0.1 -0.5 ...
ann % chg 2.6 5.6 4.5 5.2 4.5 2.0 ...
New car registrations mth % chg[1] 0.5 3.3 -2.7 3.5 -2.9 -2.7 ...
ann % chg 7.3 16.5 3.0 13.7 11.1 6.2 ...

Migration

Permanent & long-term arrivals number[1] 11,000 10,810 10,930 11,140 11,510 11,150 ...
Permanent & long-term departures number[1] 5,080 4,670 5,130 5,200 5,170 5,340 ...
Net PLT migration (12 month total) number 71,333 71,932 71,885 71,964 72,305 72,402 ...

Commodity Prices

Brent oil price US$/Barrel 54.87 51.59 52.31 50.33 46.37 48.48 ...
WTI oil price US$/Barrel 53.46 49.48 51.08 48.51 45.19 46.61 47.63
ANZ NZ commodity price index mth % chg 0.6 3.4 0.5 4.0 -1.6 -2.1 ...
ann % chg 9.2 16.5 20.4 22.3 20.1 17.8 ...
ANZ world commodity price index mth % chg 2.0 0.4 -0.2 3.2 2.1 -0.8 ...
ann % chg 20.9 23.0 23.7 26.3 24.6 21.1 ...

Financial Markets

NZD/USD $[2] 0.7220 0.7009 0.6975 0.6937 0.7226 0.7350 0.7249
NZD/AUD $[2] 0.9428 0.9197 0.9259 0.9334 0.9560 0.9434 0.9125
Trade weighted index (TWI) June 1979 = 100[2] 78.78 76.54 76.01 75.50 77.92 78.41 76.16
Official cash rate (OCR) % 1.75 1.75 1.75 1.75 1.75 1.75 1.75
90 day bank bill rate %[2] 2.02 1.98 1.97 1.98 1.95 1.96 1.96
10 year govt bond rate %[2] 3.29 3.28 3.05 2.93 2.77 2.97 2.90

Confidence Indicators/Surveys

ANZ Bank - business confidence net % 16.6 11.3 11.0 14.9 24.8 19.4 ...
ANZ Bank - activity outlook net % 37.2 38.8 37.7 38.3 42.8 40.3 ...
ANZ-Roy Morgan - consumer confidence net % 127.4 125.2 121.7 123.9 127.8 125.4 126.2
Performance of Manufacturing Index Index 55.7 58.0 56.7 58.1 56.0 55.4 ...
Performance of Services Index Index 58.5 58.7 52.9 58.5 58.3 56.0 ...

 

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

Page top