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Monthly Economic Indicators

New Zealand Key Economic Data

28 November 2013

Quarterly Indicators

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

Gross Domestic Product (GDP)

Real production GDP qtr % chg[1] 1.0 0.4 0.3 1.6 0.4 0.2 ...
ann ave % chg 1.9 2.4 2.5 2.7 2.7 2.7 ...
Real private consumption qtr % chg[1] 0.7 0.2 0.2 1.6 0.6 1.5 ...
ann ave % chg 2.5 2.7 2.4 2.4 2.3 2.6 ...
Real public consumption qtr % chg[1] -0.8 0.9 0.4 -0.8 -0.2 0.5 ...
ann ave % chg 1.8 1.6 1.2 0.5 0.4 0.1 ...
Real residential investment qtr % chg[1] 0.1 8.4 4.6 2.4 8.1 -1.6 ...
ann ave % chg -10.8 -2.2 6.6 12.1 18.9 18.5 ...
Real non-residential investment qtr % chg[1] 3.6 2.6 -3.6 2.1 0.3 5.7 ...
ann ave % chg 6.0 5.8 4.5 5.0 4.2 3.1 ...
Export volumes qtr % chg[1] -0.8 -1.1 3.1 0.4 2.5 -5.9 ...
ann ave % chg 3.0 2.9 3.6 2.6 3.0 2.7 ...
Import volumes qtr % chg[1] 3.0 -2.9 2.1 -0.6 2.2 1.3 ...
ann ave % chg 6.1 3.8 1.7 2.1 0.7 1.9 ...
Nominal GDP - expenditure basis ann ave % chg 3.8 4.0 3.0 2.3 2.4 2.1 ...
Real GDP per capita ann ave % chg 1.0 1.5 1.7 2.0 2.0 2.0 ...
Real Gross National Disposable Income ann ave % chg 2.9 2.0 1.6 1.1 0.9 2.3 ...

External Trade

Current account balance (annual) NZ$ millions -7,833 -8,915 -9,082 -9,829 -9,512 -9,099 ...
% of GDP -3.8 -4.3 -4.3 -4.7 -4.5 -4.3 ...
Investment income balance (annual) NZ$ millions -9,502 -9,957 -9,645 -9,300 -9,327 -8,653 ...
Merchandise terms of trade qtr % chg -2.3 -2.5 -3.2 -1.2 4.2 4.9 ...
ann % chg -2.1 -6.7 -9.2 -8.9 -2.8 4.5 ...

Prices

CPI inflation qtr % chg 0.5 0.3 0.3 -0.2 0.4 0.2 0.9
ann % chg 1.6 1.0 0.8 0.9 0.9 0.7 1.4
Tradable inflation ann % chg 0.3 -1.1 -1.2 -1.0 -1.1 -1.6 -0.5
Non-tradable inflation ann % chg 2.5 2.4 2.3 2.5 2.4 2.5 2.8
GDP deflator ann % chg -0.3 1.4 -1.5 -2.8 0.8 1.0 ...
Consumption deflator ann % chg 1.3 0.9 0.7 0.6 0.4 -0.1 ...

Labour Market

Employment (HLFS) qtr % chg[1] 0.2 0.1 -0.4 0.5 0.2 0.4 1.2
ann % chg[1] 0.9 0.6 0.0 0.4 0.4 0.7 2.4
Unemployment rate %[1] 6.8 6.8 7.2 6.7 6.2 6.4 6.2
Participation rate %[1] 68.7 68.5 68.4 68.2 67.9 68.1 68.6
LCI salary & wage rates - total (adjusted)[5] qtr % chg 0.4 0.5 0.5 0.5 0.4 0.4 0.4
ann % chg 2.0 2.0 1.9 1.8 1.8 1.7 1.6
QES average hourly earnings - total[5] qtr % chg 1.4 0.1 1.1 -0.1 0.8 0.2 1.6
ann % chg 3.8 2.9 2.8 2.6 2.1 2.1 2.6
Labour productivity[6] ann ave % chg 0.7 1.6 2.8 3.5 2.7 2.1 ...

Retail Sales

Core retail sales volume qtr % chg[1] -0.1 0.3 0.3 1.0 0.9 2.1 -0.1
ann % chg 4.3 4.2 1.7 1.8 2.5 4.4 4.3
Total retail sales volume qtr % chg[1] 0.4 0.9 0 1.8 0.8 1.5 0.3
ann % chg 4.2 4.7 2.2 3.2 3.5 4.2 4.7

Confidence Indicators/Surveys

               
WMM - consumer confidence[3] Index 102 100 103 111 111 117 115
QSBO - general business situation[4] net % 13.0 -4.1 8.0 19.8 23.0 31.9 37.6
QSBO - own activity outlook[4] net % 16.9 8.1 17.7 18.7 18.1 17.8 30.3

Monthly Indicators

Monthly Indicators
    2013M05 2013M06 2013M07 2013M08 2013M09 2013M10 2013M11

External Sector

Merchandise trade - exports mth % chg[1] -0.8 0.4 12.8 -2.7 -8.5 0.1 ...
ann % chg[1] -8.0 -4.2 -5.3 -0.3 16.3 22.6 ...
Merchandise trade - imports mth % chg[1] -2.7 13.0 -5.8 2.0 14.5 -8.2 ...
ann % chg[1] -3.4 -6.6 17.0 10.0 -1.0 5.7 ...
Merchandise trade balance (12 month total) NZ$ million -901 -819 -1705 -2126 -1550 -1005 ...
Visitor arrivals number[1] 229,360 225,780 228,130 228,250 225,720 220,990 ...
Visitor departures number[1] 231,280 236,830 230,520 229,030 229,250 221,770 ...

Housing

Dwelling consents - residential mth % chg[1] 0.7 -1.9 -3.4 1.5 1.4 ... ...
ann % chg[1] 43.7 20.5 28.1 16.3 22.4 ... ...
House sales - dwellings mth % chg[1] -2.1 -7.3 12.9 -3.1 2.7 0.6 ...
ann % chg[1] 7.5 0.0 14.7 8.5 18.9 2.1 ...
REINZ - house price index mth % chg 0.7 0.0 -0.5 2.1 0.8 1.6 ...
ann % chg 8.7 8.4 8.6 9.5 9.8 9.9 ...

Private Consumption

Electronic card transactions - total retail mth % chg[1] 0.7 1.1 0.5 0.5 -0.9 1.4 ...
ann % chg 5.4 5.1 7.7 6.4 3.5 7.0 ...
New car registrations mth % chg[1] 1.7 -0.2 8.0 -3.0 -5.8 5.0 ...
ann % chg 16.3 15.6 27.6 23.0 15.8 16.2 ...

Migration

Permanent & long-term arrivals number[1] 7,800 8,220 7,740 7,950 8,050 8,290 ...
Permanent & long-term departures number[1] 6,070 6,000 5,740 5,770 5,260 5,280 ...
Net PLT migration (12 month total) number 6,242 7,907 10,569 12,848 15,174 17,490 ...

Commodity Prices

Brent oil price US$/Barrel 102.52 102.92 107.89 111.34 111.64 109.16 107.65
WTI oil price US$/Barrel 94.80 95.80 104.61 106.57 106.29 100.56 94.00
ANZ NZ commodity price index mth % chg 0.7 0.9 0.6 0.7 -1.1 -1.0 ...
ann % chg 17.3 22.5 26.9 28.8 23.8 21.2 ...
ANZ world commodity price index mth % chg -1.6 -3.7 0.6 0.7 0.9 1.4 ...
ann % chg 26.1 24.5 25.7 26.0 22.9 22.9 ...

Financial Markets

NZD/USD $[2] 0.8267 0.7908 0.7885 0.7923 0.8125 0.8349 0.8279
NZD/AUD $[2] 0.8325 0.838 0.8594 0.877 0.8759 0.8784 0.8846
Trade weighted index (TWI) June 1979 = 100[2] 77.31 74.00 74.78 74.75 76.22 77.25 77.29
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 2.64 2.64 2.65 2.67 2.66
10 year govt bond rate %[2] 3.37 3.84 4.23 4.47 4.70 4.65 4.70

Confidence Indicators/Surveys

ANZ Bank - business confidence net % 41.8 50.1 52.8 48.1 54.1 53.2 60.5
ANZ Bank - activity outlook net % 34.3 45.0 43.7 43.3 45.3 47.1 47.1
ANZ-Roy Morgan - consumer confidence net % 123.7 123.9 119.8 123.0 118.8 122.3 128.4
Performance of Manufacturing Index Index 58.9 55.0 59.3 57.0 54.2 55.7 ...
Performance of Services Index Index 55.9 55.0 58.0 52.7 56.4 58.2 ...

 

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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