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Monthly Economic Indicators

New Zealand Key Economic Data

28 February 2013

Quarterly Indicators

Quarterly Indicators
    2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4

Gross Domestic Product (GDP)

Real production GDP qtr % chg[1] 0.6 0.7 0.6 0.9 0.3 0.2 ...
ann ave % chg 0.9 0.8 1.5 1.9 2.4 2.5 ...
Real private consumption qtr % chg[1] 0.9 1.0 0.8 0.1 0.2 -0.1 ...
ann ave % chg 1.5 1.7 2.1 2.5 2.7 2.3 ...
Real public consumption qtr % chg[1] 0.7 0.9 0.1 -1.2 1.1 0.2 ...
ann ave % chg 1.5 2.2 2.0 1.8 1.6 0.9 ...
Real residential investment qtr % chg[1] -8.0 1.3 4.3 0.6 6.1 7.4 ...
ann ave % chg -6.2 -11.4 -11.2 -10.7 -2.7 6.2 ...
Real non-residential investment qtr % chg[1] -1.7 2.4 -0.2 2.4 3.2 -4.7 ...
ann ave % chg 8.0 10.0 7.9 5.9 5.4 3.6 ...
Export volumes qtr % chg[1] 0.2 0.1 3.6 -2.1 -0.9 4.0 ...
ann ave % chg 2.0 1.8 2.7 2.6 2.4 3.1 ...
Import volumes qtr % chg[1] 2.4 1.9 -2.2 4.3 -4.2 2.6 ...
ann ave % chg 11.4 10.6 6.6 6.1 3.6 1.3 ...
Nominal GDP - expenditure basis ann ave % chg 4.5 4.8 4.0 3.9 4.2 2.7 ...
Real GDP per capita ann ave % chg -0.2 -0.3 0.5 1.0 1.6 1.7 ...
Real Gross National Disposable Income ann ave % chg 2.2 2.3 1.8 2.2 1.3 1.4 ...

External Trade

Current account balance (annual) NZ$ millions -7,422 -8,826 -8,268 -9,033 -10,087 -9,894 ...
% of GDP -3.7 -4.3 -4.0 -4.4 -4.8 -4.7 ...
Investment income balance (annual) NZ$ millions -9,756 -10,595 -10,750 -10,443 -10,899 -10,254 ...
Merchandise terms of trade qtr % chg 2.4 -0.6 -1.5 -2.3 -2.5 -3.2 ...
ann % chg 7.1 3.4 1.0 -2.1 -6.7 -9.2 ...

Prices

CPI inflation qtr % chg 1.0 0.4 -0.3 0.5 0.3 0.3 -0.2
ann % chg 5.3 4.6 1.8 1.6 1.0 0.8 0.9
Tradable inflation ann % chg 5.5 4.6 1.1 0.3 -1.1 -1.2 -1.0
Non-tradable inflation ann % chg 5.2 4.5 2.5 2.5 2.4 2.3 2.5
GDP deflator ann % chg 3.4 3.0 0.3 -0.3 2.5 -2.4 ...
Consumption deflator ann % chg 4.1 3.2 1.6 1.4 1.2 1.1 ...

Labour Market

Employment (HLFS) qtr % chg[1] 0.2 0.1 0.4 0.2 -0.1 -0.4 -1.0
ann % chg[1] 2.0 1.1 1.6 0.9 0.6 0.0 -1.3
Unemployment rate %[1] 6.6 6.5 6.4 6.7 6.8 7.3 6.9
Participation rate %[1] 68.4 68.3 68.4 68.7 68.4 68.4 67.2
LCI salary & wage rates - total (adjusted)[5] qtr % chg 0.5 0.6 0.6 0.4 0.5 0.5 0.5
ann % chg 1.9 2.0 2.0 2.0 2.0 1.9 1.8
QES average hourly earnings - total[5] qtr % chg 1.1 1.2 0.1 1.4 0.1 1.1 -0.1
ann % chg 3.0 3.2 2.8 3.8 2.9 2.8 2.6
Labour productivity[6] ann ave % chg -1.1 -1.1 0.0 0.7 1.7 2.8 ...

Retail Sales

Core retail sales volume qtr % chg[1] 0.9 1.8 2.0 -0.5 0.7 0.0 1.5
ann % chg 1.9 3.2 6.4 4.2 4.1 1.7 2
Total retail sales volume qtr % chg[1] 0.8 1.8 1.5 0.1 1.2 -0.2 2.1
ann % chg 1.1 2.8 5.7 4.2 4.7 2.2 3.3

Confidence Indicators/Surveys

               
WMM - consumer confidence[3] Index 112 112 101 102 100 103 111
QSBO - general business situation[4] net % 26.6 24.6 0.1 13.0 -4.1 8.0 19.8
QSBO - own activity outlook[4] net % 18.4 30.0 9.9 16.9 8.1 17.7 18.7

Monthly Indicators

Monthly Indicators
    2012M08 2012M09 2012M10 2012M11 2012M12 2013M01 2013M02

External Sector

Merchandise trade - exports mth % chg[1] -1.1 4.4 -8.1 7.2 -6.7 1.6 ...
ann % chg[1] -3.6 -4.5 -10.9 -2.1 -4.2 -10.1 ...
Merchandise trade - imports mth % chg[1] -8.5 5.6 -15.0 13.4 7.9 -15.2 ...
ann % chg[1] 0.0 -3.6 1.6 -1.6 -10.4 -6.0 ...
Merchandise trade balance (12 month total) NZ$ million -889 -891 -1379 -1390 -1156 -1299 ...
Visitor arrivals number[1] 220,340 212,390 209,520 215,230 218,960 213,470 ...
Visitor departures number[1] 214,740 210,920 215,540 213,310 218,640 217,240 ...

Housing

Dwelling consents - residential mth % chg[1] 2.9 6.9 -1.6 -5.3 9.4 -0.4 ...
ann % chg[1] 0.3 22.0 32.4 19.8 22.5 19.5 ...
House sales - dwellings mth % chg[1] 1.6 -7.9 17.9 -0.5 -6.6 11.0 ...
ann % chg[1] 16.2 8.0 32.6 24.1 8.2 21.1 ...
REINZ - house price index mth % chg 1.3 0.6 1.5 1.4 -0.6 -1.0 ...
ann % chg 6.1 5.0 6.9 7.3 6.7 7.2 ...

Private Consumption

Electronic card transactions - total retail mth % chg[1] 2.6 -0.6 0.5 0.5 0.3 0.3 ...
ann % chg 7.1 4.1 3.2 6.2 3.6 5.8 ...
New car registrations mth % chg[1] -0.1 -4.0 9.6 -3.6 0.1 3.3 ...
ann % chg 0.8 6.7 21.4 8.4 3.0 6.5 ...

Migration

Permanent & long-term arrivals number[1] 6,900 7,230 7,370 7,350 7,330 7,070 ...
Permanent & long-term departures number[1] 7,110 7,050 7,060 6,800 7,410 6,730 ...
Net PLT migration (12 month total) number -4,118 -3,280 -2,319 -1,567 -1,165 12 ...

Commodity Prices

Brent oil price US$/Barrel 113.36 112.95 111.92 109.41 109.56 113.02 116.40
WTI oil price US$/Barrel 94.16 94.72 89.57 86.66 88.25 94.69 95.50
ANZ NZ commodity price index mth % chg -0.8 2.9 1.2 0.9 -0.1 -0.5 ...
ann % chg -14.4 -13.2 -12.4 -12.6 -12.3 -10.1 ...
ANZ world commodity price index mth % chg 0.5 3.4 1.4 0.9 1.0 0.3 ...
ann % chg -15.8 -12.2 -8.6 -6.7 -5.2 -6.1 ...

Financial Markets

NZD/USD $[2] 0.8098 0.8174 0.8198 0.8192 0.8318 0.8375 0.8389
NZD/AUD $[2] 0.7733 0.7867 0.7967 0.7875 0.7943 0.797 0.8136
Trade weighted index (TWI) June 1979 = 100[2] 72.86 72.80 73.12 73.38 74.33 75.27 76.26
Official cash rate (OCR) % 2.50 2.50 2.50 2.50 2.50 2.50 2.50
90 day bank bill rate %[2] 2.64 2.64 2.65 2.64 2.65 2.66 2.66
10 year govt bond rate %[2] 3.66 3.58 3.51 3.47 3.56 3.56 3.81

Confidence Indicators/Surveys

ANZ Bank - business confidence net % 19.5 17.0 17.2 26.4 22.7 ... 39.4
ANZ Bank - activity outlook net % 26.4 29.3 25.5 31.6 31.4 ... 37.6
ANZ-Roy Morgan - consumer confidence net % 114.1 111.9 110.5 114.1 114.7 118.3 121.0
Performance of Manufacturing Index Index 49.3 47.5 49.1 53.6 56.8 49.7 ...
Performance of Services Index Index 51.8 50.3 51.8 57.7 57.5 52.2 ...

 

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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