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Monthly Economic Indicators

New Zealand Key Economic Data

1 June 2012

Quarterly Indicators

    2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1
Gross Domestic Product (GDP)
Real production GDP qtr % chg[1] 0.1 0.0 0.5 0.3 0.2 0.3 ...
ann ave % chg -0.6 0.2 0.9 1.3 1.4 1.3 ...
Real private consumption qtr % chg[1] -0.1 -0.6 0.1 0.9 1.1 0.2 ...
ann ave % chg 2.2 2.2 1.6 0.8 0.7 1.1 ...
Real public consumption qtr % chg[1] -1.0 0.6 0.1 0.1 0.4 -0.7 ...
ann ave % chg 0.3 0.6 0.3 0.0 0.3 0.2 ...
Real residential investment qtr % chg[1] -4.9 -6.2 -3.4 -7.5 1.1 4.8 ...
ann ave % chg 3.7 4.0 4.3 -4.7 -10.9 -11.5 ...
Real non-residential investment qtr % chg[1] 6.6 4.1 3.3 -2.4 -0.8 0.7 ...
ann ave % chg -4.4 2.3 7.1 11.6 10.9 7.5 ...
Export volumes qtr % chg[1] -0.1 -0.3 0.9 -0.7 0.3 2.9 ...
ann ave % chg 4.4 3.3 2.1 1.1 0.7 1.1 ...
Import volumes qtr % chg[1] 2.7 6.9 -2.5 1.8 2.8 -2.4 ...
ann ave % chg 5.8 10.6 11.1 11.0 10.2 6.2 ...
Nominal GDP - expenditure basis ann ave % chg 1.9 3.2 4.0 4.6 4.9 4.5 ...
Real GDP per capita ann ave % chg -1.8 -1.0 -0.3 0.2 0.3 0.3 ...
Real Gross National Disposable Income ann ave % chg 0.0 1.0 1.4 2.0 2.7 2.6 ...
External Trade
Current account balance (annual) NZ$ millions -6621 -6787 -7196 -7396 -8827 -8268 ...
% of GDP -3.5 -3.5 -3.6 -3.7 -4.3 -4.0 ...
Investment income balance (annual) NZ$ millions -9750 -9538 -9649 -9501 -10363 -10311 ...
Merchandise terms of trade qtr % chg 3.0 0.8 0.8 2.4 -0.6 -1.4 ...
ann % chg 17.9 12.3 6.7 7.1 3.4 1.1 ...
Prices
CPI inflation qtr % chg 1.1 2.3 0.8 1.0 0.4 -0.3 0.5
ann % chg 1.5 4.0 4.5 5.3 4.6 1.8 1.6
Tradable inflation ann % chg 0.3 3.3 3.7 5.5 4.6 1.1 0.3
Non-tradable inflation ann % chg 2.5 4.6 5.2 5.2 4.5 2.5 2.5
GDP deflator ann % chg 4.2 6.9 3.9 4.6 3.5 0.9 ...
Consumption deflator ann % chg 1.3 3.3 3.6 4.6 4.0 2.0 ...
Labour Market
Employment (HLFS) qtr % chg[1] 1.1 -0.3 1.1 0.1 0.2 0.2 0.4
ann % chg[1] 1.8 1.3 1.7 2.0 1.1 1.6 0.9
Unemployment rate %[1] 6.4 6.7 6.6 6.5 6.6 6.4 6.7
Participation rate %[1] 68.2 68.0 68.6 68.4 68.4 68.2 68.8
LCI salary & wage rates - total (adjusted)[5] qtr % chg 0.5 0.5 0.4 0.5 0.6 0.6 0.4
ann % chg 1.6 1.7 1.8 1.9 2.0 2.0 2.0
QES average hourly earnings - total[5] qtr % chg 1.0 0.5 0.4 1.1 1.2 0.1 1.4
ann % chg 1.1 1.8 2.6 3.0 3.2 2.8 3.8
Labour productivity[6] ann ave % chg -0.8 -1.2 -1.1 -0.7 -0.6 -0.2 ...
Retail Sales
Core retail sales volume qtr % chg[1] -0.3 -0.1 1.4 1.0 2.5 2.3 -2.5
ann % chg 1.5 0.3 1.4 1.9 4.5 7.3 3.2
Total retail sales volume qtr % chg[1] -0.6 -0.5 1.4 0.9 2.3 1.8 -1.5
ann % chg 1.9 -0.1 0.8 1.1 3.9 6.4 3.4
Confidence Indicators/Surveys                
WMM - consumer confidence[3] Index 114 108 98 112 112 101 102
QSBO - general business situation[4] net % 6.4 8.1 -26.8 26.6 24.6 0.2 13.0
QSBO - own activity outlook[4] net % 9.5 11.4 -1.6 18.5 30.0 9.9 16.9

Monthly Indicators

    2011M11 2011M12 2012M 1 2012M 2 2012M 3 2012M 4 2012M 5
External Sector
Merchandise trade - exports mth % chg[1] 0.7 1.9 -1.1 -8.8 -2.9 -1.7 ...
ann % chg[1] 7.0 12.0 12.2 -6.4 -9.0 -17.2 ...
Merchandise trade - imports mth % chg[1] 9.9 -9.8 17.4 -14.2 2.2 -2.9 ...
ann % chg[1] 17.1 -1.9 18.0 -7.4 -0.8 0.8 ...
Merchandise trade balance (12 month total) NZ$ million 288 806 637 659 262 -541 ...
Visitor arrivals number[1] 215740 220250 213710 204020 210380 212140 ...
Visitor departures number[1] 215630 220500 219090 215350 209290 218820 ...
Housing
Dwelling consents - residential mth % chg[1] -5.7 2.3 9.2 -6.2 19.6 -7.2 ...
ann % chg[1] -4.7 17.8 19.7 20.8 46.7 34.5 ...
House sales - dwellings mth % chg[1] 7.3 4.6 0.9 7.2 -3.9 -7.4 ...
ann % chg[1] 17.7 20.6 26.6 37.2 25.1 13.3 ...
REINZ - house price index mth % chg 1.1 -0.1 -1.4 0.8 1.9 -0.3 ...
ann % chg 2.6 3.1 4.3 2.7 4.2 2.7 ...
Private Consumption
Electronic card transactions - total retail mth % chg[1] -0.6 -0.2 1.1 -0.6 0.3 0.8 ...
ann % chg 6.0 7.2 4.7 8.2 5.6 1.2 ...
New car registrations mth % chg[1] 7.9 4.0 1.7 -2.0 -3.5 3.2 ...
ann % chg -7.9 4.2 4.5 2.3 -1.0 8.6 ...
Migration
Permanent & long-term arrivals number[1] 7090 6710 6610 7180 7540 6430 ...
Permanent & long-term departures number[1] 7200 7240 7240 7520 7310 7280 ...
Net PLT migration (12 month total) number -568 -1855 -3134 -4068 -3383 -4006 ...
Commodity Prices
Brent oil price US$/Barrel 111.16 108.35 111.41 119.17 124.70 120.47 110.61
WTI oil price US$/Barrel 97.11 98.57 100.10 102.30 106.19 103.33 94.87
ANZ NZ commodity price index mth % chg 1.1 -0.6 -2.9 -4.0 -0.2 -4.0 ...
ann % chg 5.9 1.2 -4.4 -10.8 -17.6 -17.7 ...
ANZ world commodity price index mth % chg -1.1 -0.8 1.2 0.0 -1.7 -4.5 ...
ann % chg 5.5 3.1 0.1 -2.5 -8.5 -14.0 ...
Financial Markets
NZD/USD $[2] 0.7728 0.7697 0.8007 0.8343 0.8208 0.8190 0.7762
NZD/AUD $[2] 0.7635 0.7603 0.7691 0.7780 0.7779 0.7908 0.7766
Trade weighted index (TWI) June 1979 = 100[2] 68.20 68.60 71.20 73.30 73.00 73.00 70.00
Official cash rate (OCR) % 2.50 2.50 2.50 2.50 2.50 2.50 2.50
90 day bank bill rate %[2] 2.69 2.69 2.74 2.75 2.74 2.74 2.59
10 year govt bond rate %[2] 4.14 3.91 3.86 3.98 4.17 3.98 3.66
Confidence Indicators/Surveys
National Bank - business confidence net % 18.3 16.9 20.2 28.0 33.8 35.8 27.1
National Bank - activity outlook net % 28.8 25.7 25.6 31.2 38.8 36.1 34.9
ANZ-Roy Morgan - consumer confidence net % 109 108.4 116.1 113.3 110.2 114 113.9

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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