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Monthly Economic Indicators

New Zealand Key Economic Data

2 August 2012

Quarterly Indicators

    2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2
Gross Domestic Product (GDP)
Real production GDP qtr % chg[1] 0.0 0.6 0.4 0.4 0.4 1.1 ...
ann ave % chg 1.8 1.7 1.3 1.2 1.4 1.7 ...
Real private consumption qtr % chg[1] -0.4 0.2 0.9 1.5 0.1 0.1 ...
ann ave % chg 2.3 1.6 0.8 1.0 1.5 2.0 ...
Real public consumption qtr % chg[1] 0.6 0.1 0.1 0.5 -0.7 0.5 ...
ann ave % chg 0.6 0.3 0.0 0.3 0.2 0.3 ...
Real residential investment qtr % chg[1] -6.5 -2.2 -8.4 1.0 4.2 -0.5 ...
ann ave % chg 3.8 3.8 -4.9 -11.1 -11.7 -11.9 ...
Real non-residential investment qtr % chg[1] 4.8 1.4 -2.7 -0.7 0.7 2.1 ...
ann ave % chg 1.7 6.9 10.6 10.0 5.8 2.4 ...
Export volumes qtr % chg[1] -0.5 1.5 -0.5 0.7 2.9 -1.7 ...
ann ave % chg 3.2 2.1 1.3 1.2 2.0 1.9 ...
Import volumes qtr % chg[1] 7.2 -2.8 2.0 2.8 -2.2 4.1 ...
ann ave % chg 10.6 11.1 11.0 10.3 6.4 6.0 ...
Nominal GDP - expenditure basis ann ave % chg 5.0 4.8 4.9 4.6 3.4 3.1 ...
Real GDP per capita ann ave % chg 0.6 0.5 0.2 0.1 0.4 0.8 ...
Real Gross National Disposable Income ann ave % chg 2.9 2.5 2.9 3.0 2.1 1.7 ...
External Trade
Current account balance (annual) NZ$ millions -6,787 -7,196 -7,396 -8,827 -8,338 -9,738 ...
% of GDP -3.5 -3.7 -3.7 -4.4 -4.2 -4.8 ...
Income balance (annual) NZ$ millions -9,538 -9,649 -9,501 -10,363 -10,405 -10,633 ...
Merchandise terms of trade qtr % chg 0.8 0.8 2.4 -0.6 -1.5 -2.3 ...
ann % chg 12.3 6.7 7.1 3.4 1.0 -2.1 ...
Prices
CPI inflation qtr % chg 2.3 0.8 1.0 0.4 -0.3 0.5 0.3
ann % chg 4.0 4.5 5.3 4.6 1.8 1.6 1.0
Tradable inflation ann % chg 3.3 3.7 5.5 4.6 1.1 0.3 -1.1
Non-tradable inflation ann % chg 4.6 5.2 5.2 4.5 2.5 2.5 2.4
GDP deflator ann % chg 7.0 4.3 4.5 3.1 0.6 0.5 ...
Consumption deflator ann % chg 3.3 3.6 4.6 3.7 1.7 1.4 ...
Labour Market
Employment (HLFS) qtr % chg[1] -0.3 1.1 0.1 0.2 0.2 0.4 ...
ann % chg[1] 1.3 1.7 2.0 1.1 1.6 0.9 ...
Unemployment rate %[1] 6.7 6.6 6.5 6.6 6.4 6.7 ...
Participation rate %[1] 68.0 68.6 68.4 68.4 68.2 68.8 ...
LCI salary and wages - total (adjusted)[5] qtr % chg 0.5 0.4 0.5 0.6 0.6 0.4 ...
ann % chg 1.7 1.8 1.9 2.0 2.0 2.0 ...
QES average hourly earnings - total[5] qtr % chg 0.5 0.4 1.1 1.2 0.1 1.4 ...
ann % chg 1.8 2.6 3.0 3.2 2.8 3.8 ...
Labour productivity[6] ann ave % chg 0.3 -0.3 -0.7 -0.8 -0.1 0.2 ...
Retail Sales
Core retail sales volume qtr % chg[1] -0.3 1.4 1 2.6 2.2 -1.4 ...
ann % chg 0.3 1.4 1.9 4.5 7.3 4.3 ...
Total retail sales volume qtr % chg[1] -0.6 1.4 0.9 2.3 1.6 -0.6 ...
ann % chg -0.1 0.7 1.1 3.9 6.4 4.2 ...
Confidence Indicators/Surveys                
WMM - consumer confidence[3] Index 108 98 112 112 101 102 100
QSBO - general business situation[4] net % 8.1 -26.8 26.6 24.6 0.1 13.0 -4.1
QSBO - own activity outlook[4] net % 11.4 -1.6 18.4 30.0 9.9 16.9 8.1

Monthly Indicators

    2012M01 2012M03 2012M03 2012M04 2012M05 2012M06 2012M07
External Sector
Merchandise trade - exports mth % chg[1] 9.0 -11.9 8.2 -3.4 2.0 1.7 ...
ann % chg[1] 12.7 -6.3 -8.9 -17.5 -4.5 6.2 ...
Merchandise trade - imports mth % chg[1] -1.9 -10.1 2.1 -0.4 -1.5 13.6 ...
ann % chg[1] 17.9 -7.3 -0.4 0.2 2.7 3.0 ...
Merchandise trade balance (12 month total) NZ$ million 637 663 267 -558 -876 -747 ...
Visitor arrivals number[1] 213,370 203,700 210,940 213,350 211,680 217,670 ...
Visitor departures number[1] 218,690 215,030 209,220 219,060 207,370 219,770 ...
Housing
Dwelling consents - residential mth % chg[1] 9.0 -6.5 18.8 -7.8 -7.2 5.7 ...
ann % chg[1] 26.6 23.7 43.4 32.7 20.5 28.3 ...
House sales - dwellings mth % chg[1] 1.0 7.5 -3.7 -7.5 14.2 -3.9 ...
ann % chg[1] 25.2 37.0 25.3 13.8 24.4 17.3 ...
REINZ - house price index mth % chg -1.4 0.8 1.9 -0.3 1.7 0.3 ...
ann % chg 4.3 2.7 4.2 2.7 6.4 5.3 ...
Private Consumption
Electronic card transactions - total retail mth % chg[1] 1.1 -0.6 0.4 0.9 1.0 0.4 ...
ann % chg 4.7 8.2 5.6 1.2 6.1 5.5 ...
New car registrations mth % chg[1] 2.0 -1.8 -3.2 3.5 3.5 -0.9 ...
ann % chg 4.5 2.3 -1.0 8.6 10.3 11.7 ...
Migration
Permanent & long-term arrivals number[1] 6,620 7,210 7,430 6,430 7,120 7,720 ...
Permanent & long-term departures number[1] 7,250 7,520 7,290 7,240 6,910 7,240 ...
Net PLT migration (12 month total) number -3,134 -4,068 -3,383 -4,006 -3,653 -3,191 ...
Commodity Prices
Brent oil price US$/Barrel 110.45 119.43 125.38 120.08 110.24 95.29 102.79
WTI oil price US$/Barrel 100.24 102.25 106.19 103.33 94.7 82.41 87.93
ANZ NZ commodity price index mth % chg -2.8 -4.1 -0.2 -4.0 0.7 -3.4 -3.1
ann % chg -4.7 -11.1 -17.9 -17.6 -15.9 -16.1 -15.2
ANZ world commodity price index mth % chg 1.2 -0.1 -1.7 -4.5 -4.4 -2.4 -0.5
ann % chg -0.2 -2.9 -8.9 -13.9 -17.5 -18.7 -18.6
Financial Markets
NZD/USD $[2] 0.8007 0.8343 0.8208 0.819 0.7762 0.7801 0.7982
NZD/AUD $[2] 0.7691 0.778 0.7779 0.7908 0.7766 0.7813 0.7757
Trade weighted index (TWI) June 1979 = 100[2] 71.23 73.36 73.00 73.00 70.04 70.86 72.31
Official cash rate (OCR) % 2.50 2.50 2.50 2.50 2.50 2.50 2.50
90 day bank bill rate %[2] 2.74 2.75 2.74 2.74 2.59 2.61 2.67
10 year govt bond rate %[2] 3.87 3.99 4.17 3.98 3.66 3.41 3.40
Confidence Indicators/Surveys
National Bank - business confidence net % ... 28.0 33.8 35.8 27.1 12.6 15.1
National Bank - activity outlook net % ... 31.2 38.8 36.1 34.9 20.8 24.0
ANZ-Roy Morgan - consumer confidence net % 116.1 113.3 110.2 114.0 113.9 105.8 110.5

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]One News Colmar Brunton
  • [6] Ordinary time
  • [7] Production GDP divided by HLFS hours worked

Sources: Statistics New Zealand, Reserve Bank of New Zealand, National Bank of New Zealand, NZIER, ANZ, Datastream, Westpac McDermott Miller, One News Colmar Brunton

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