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Monthly Economic Indicators

New Zealand Key Economic Data

4 Aug 2014

Quarterly Indicators

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

Gross Domestic Product (GDP)

Real production GDP qtr % chg[1] 1.2 0.5 0.6 1.1 1.0 1.0 ...
ann ave % chg 2.5 2.3 2.2 2.6 2.9 3.3 ...
Real private consumption qtr % chg[1] 1.3 0.9 1.1 0.4 1.2 0.0 ...
ann ave % chg 2.9 2.6 2.6 3.1 3.4 3.4 ...
Real public consumption qtr % chg[1] 0.1 -0.2 0.1 2.5 -0.5 1.1 ...
ann ave % chg -1.5 -1.0 -0.4 0.4 1.1 1.9 ...
Real residential investment qtr % chg[1] 3.6 6.3 0.1 7.0 0.6 11.6 ...
ann ave % chg 15.7 19.3 17.9 17.5 17.3 16.9 ...
Real non-residential investment qtr % chg[1] 0.9 1.6 7.0 0.4 0.6 -1.5 ...
ann ave % chg 4.6 3.7 3.8 5.5 7.2 8.4 ...
Export volumes qtr % chg[1] -0.2 0.8 -3.3 -0.4 3.5 3.1 ...
ann ave % chg 2.2 2.5 2.6 0.9 0.7 0.4 ...
Import volumes qtr % chg[1] 0.6 1.8 2.3 4.0 0.1 1.7 ...
ann ave % chg 2.6 1.2 2.4 4.5 6.2 7.9 ...
Nominal GDP - expenditure basis ann ave % chg 2.2 2.0 1.6 2.8 5.3 7.0 ...
Real GDP per capita ann ave % chg 1.9 1.6 1.5 1.8 1.9 2.2 ...
Real Gross National Disposable Income ann ave % chg 1.0 0.6 1.8 3.2 5.4 7.3 ...

External Trade

Current account balance (annual) NZ$ millions -8,590 -8,349 -8,243 -8,868 -7,622 -6,322 ...
% of GDP -4.1 -3.9 -3.9 -4.1 -3.4 -2.8 ...
Investment income balance (annual) NZ$ millions -9,300 -9,327 -8,896 -8,972 -9,390 -9,771 ...
Merchandise terms of trade qtr % chg -1.2 4.2 4.6 7.5 2.5 1.8 ...
ann % chg -8.9 -2.8 4.3 15.8 20.2 17.3 ...

Prices

CPI inflation qtr % chg -0.2 0.4 0.2 0.9 0.1 0.3 0.3
ann % chg 0.9 0.9 0.7 1.4 1.6 1.5 1.6
Tradable inflation ann % chg -1.0 -1.1 -1.6 -0.5 -0.3 -0.6 0.1
Non-tradable inflation ann % chg 2.5 2.4 2.5 2.8 2.9 3.0 2.7
GDP deflator ann % chg -2.3 0.4 0.4 3.4 7.3 6.3 ...
Consumption deflator ann % chg 0.5 0.5 0.1 0.6 1.0 0.9 ...

Labour Market

Employment (HLFS) qtr % chg[1] 0.5 0.2 0.4 1.2 1.1 0.9 ...
ann % chg[1] 0.4 0.4 0.7 2.4 3.0 3.7 ...
Unemployment rate %[1] 6.8 6.2 6.4 6.1 6.0 6.0 ...
Participation rate %[1] 68.2 67.9 68.1 68.6 68.9 69.3 ...
LCI salary & wage rates - total (adjusted)[5] qtr % chg 0.5 0.4 0.4 0.4 0.5 0.3 ...
ann % chg 1.8 1.8 1.7 1.6 1.6 1.5 ...
QES average hourly earnings - total[5] qtr % chg -0.1 0.8 0.2 1.6 0.2 0.5 ...
ann % chg 2.6 2.1 2.1 2.6 2.9 2.5 ...
Labour productivity[6] ann ave % chg 3.3 2.3 1.6 0.7 -0.3 -0.3 ...

Retail Sales

Core retail sales volume qtr % chg[1] 1.1 0.9 2.0 -0.2 1.0 0.8 ...
ann % chg 1.8 2.5 4.4 4.3 3.7 3.6 ...
Total retail sales volume qtr % chg[1] 1.9 0.8 1.5 0.2 1.4 0.7 ...
ann % chg 3.2 3.5 4.2 4.7 3.9 3.8 ...

Confidence Indicators/Surveys

               
WMM - consumer confidence[3] Index 111 111 117 115 120 122 121
QSBO - general business situation[4] net % 18.5 22.8 35.9 37.8 52.8 51.7 31.7
QSBO - own activity outlook[4] net % 10.9 7.5 9.9 12.7 17.8 24.3 14.9

Monthly Indicators

Monthly Indicators
    2014M01 2014M02 2014M03 2014M04 2014M05 2014M06 2014M07

External Sector

Merchandise trade - exports mth % chg[1] -5.1 2.7 4.4 -5.3 2.7 0.1 ...
ann % chg[1] 21.5 16.4 14.2 11.8 12.4 4.8 ...
Merchandise trade - imports mth % chg[1] 0.2 3.4 0.2 -7.5 0.4 -0.7 ...
ann % chg[1] 3.9 7.9 12.3 4.4 6.8 8.7 ...
Merchandise trade balance (12 month total) NZ$ million 262 627 798 1095 1325 1201 ...
Visitor arrivals number[1] 237,480 241,240 233,770 237,580 238,260 237,650 ...
Visitor departures number[1] 233,410 246,450 240,870 236,620 247,470 247,210 ...

Housing

Dwelling consents - residential mth % chg[1] -10.5 -1.3 9.0 2.3 -4.4 3.5 ...
ann % chg[1] 25.0 14.7 35.5 18.6 7.8 26.7 ...
House sales - dwellings mth % chg[1] 3.6 -6.0 -1.8 -7.1 2.1 -0.3 ...
ann % chg[1] -4.3 -7.6 -10.0 -20.2 -14.8 -6.1 ...
REINZ - house price index mth % chg -2.4 2.1 3.4 0.2 -1.2 -0.3 ...
ann % chg 7.7 8.2 9.2 8.5 6.5 6.2 ...

Private Consumption

Electronic card transactions - total retail mth % chg[1] -0.4 0.8 0.1 0.4 1.2 0.0 ...
ann % chg 6.1 5.7 5.1 5.7 7.6 4.0 ...
New car registrations mth % chg[1] 2.5 4.1 3.3 -0.4 3.5 3.1 ...
ann % chg 20.2 23.6 26.8 17.5 21.7 25.2 ...

Migration

Permanent & long-term arrivals number[1] 8,240 8,530 8,780 8,780 9,130 9,210 ...
Permanent & long-term departures number[1] 5,060 4,930 4,890 4,680 5,100 4,940 ...
Net PLT migration (12 month total) number 25,666 29,022 31,914 34,366 36,397 38,338 ...

Commodity Prices

Brent oil price US$/Barrel 108.11 109.05 107.49 107.78 109.48 111.84 106.91
WTI oil price US$/Barrel 94.64 100.82 100.80 102.07 102.11 105.79 103.20
ANZ NZ commodity price index mth % chg 0.6 0.8 -2.6 -4.7 -2.1 -1.1 ...
ann % chg 23.8 24.4 11.8 -3.4 -6.0 -7.8 ...
ANZ world commodity price index mth % chg 1.2 0.9 -0.1 -3.7 -2.2 -0.9 ...
ann % chg 22.6 22.4 14.0 -2.5 -3.1 -0.3 ...

Financial Markets

NZD/USD $[2] 0.8283 0.8288 0.8517 0.862 0.861 0.8621 0.8706
NZD/AUD $[2] 0.9347 0.9239 0.9395 0.9254 0.9255 0.9204 0.9266
Trade weighted index (TWI) June 1979 = 100[2] 78.41 77.96 79.70 80.21 80.10 80.33 81.00
Official cash rate (OCR) % 2.50 2.50 2.75 3.00 3.00 3.25 3.31
90 day bank bill rate %[2] 2.88 2.93 3.05 3.24 3.38 3.52 3.67
10 year govt bond rate %[2] 4.64 4.57 4.58 4.55 4.30 4.42 4.37

Confidence Indicators/Surveys

ANZ Bank - business confidence net % ... 70.8 67.3 64.8 53.5 42.8 39.7
ANZ Bank - activity outlook net % ... 58.5 58.2 52.5 51.0 45.8 45.1
ANZ-Roy Morgan - consumer confidence net % 135.8 133.0 132.0 133.5 127.6 131.9 132.7
Performance of Manufacturing Index Index 56.4 56.2 58.3 54.3 52.6 53.3 ...
Performance of Services Index Index 58.1 52.9 58.2 58.6 54.1 54.7 ...

 

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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