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New Zealand Economic and Financial Overview 2012

National Accounts

In the year to September 2011, the New Zealand economy recorded annual average GDP growth of 1.3%. Growth in the September 2011 quarter was 0.8% following growth of 0.1% in the June quarter and 0.7% in the March quarter.

Table 5 shows Gross Domestic Product and Gross National Expenditure in nominal terms for the last five March years. Table 6 shows Gross Domestic Product by major industries at constant 1995/96 prices.

Table 5 - Gross Domestic Product and Gross National Expenditure[1]
Year ended 31 March 2007 2008 2009 2010 2011
(dollar amounts in millions)
Compensation of Employees 74,431 80,684 85,241 85,667 88,417
Net Operating Surplus 49,195 54,932 49,613 49,754 53,138
Consumption of Fixed Capital 23,712 25,645 27,545 28,151 28,071
Indirect Taxes 21,632 22,758 23,235 23,464 25,594
Less Subsidies 596 604 1,033 665 943
Gross Domestic Product 168,374 183,416 184,600 186,371 194,277
Final Consumption Expenditure          
     General Government 31,391 34,223 37,382 38,363 39,411
     Private 100,886 106,321 108,726 111,274 115,581
Physical Increase in Stocks (655) 2,072 478 (1,180) 564
Gross Fixed Capital Formation 39,128 42,415 40,317 35,258 37,347
Gross National Expenditure 170,751 185,032 186,903 183,714 192,903
Exports of Goods and Services 48,272 51,705 57,556 52,900 58,157
Less Imports of Goods and Services 50,650 53,321 59,858 49,924 55,288
Expenditure on Gross Domestic Product 168,374 183,416 184,600 186,690 195,772

[1] 2011 data estimated. Prior years' data revised.

Source: Statistics New Zealand

Figure 1 - Real Gross Domestic Product
Figure 1 - Real Gross Domestic Product.
Table 6 - Gross Domestic Product by Production Group[1]
Year ended 30 September 2007 2008 2009 2010 2011 2011
(dollar amounts in millions) % of Total
Finance Insurance & Business Services, etc 36,868 37,401 38,287 38,449 39,235 28.8
Personal & Community Services 15,407 15,755 16,360 16,485 16,552 12.2
Manufacturing 18,352 18,489 16,381 16,376 16,429 12.1
Transport & Communication 13,888 14,577 13,976 14,067 14,184 10.4
Retail, Accommodation, Restaurants 10,318 10,296 9,890 10,010 10,082 7.4
Wholesale Trade 10,287 10,489 9,432 9,601 9,947 7.3
Agriculture 6,572 6,443 6,662 6,671 6,939 5.1
Govt Administration & Defence 6,195 6,551 6,773 6,770 6,794 5.0
Construction 6,494 6,373 5,681 5,654 5,443 4.0
Fishing, Forestry, Mining 2,981 3,552 3,242 3,427 3,359 2.5
Electricity Gas & Water 2,584 2,513 2,586 2,656 2,680 2.0
Gross Domestic Product   134,625 136,747 133,056 134,404 136,137 100.0
Annual Average % change 2.0 1.6 (2.7) 1.0 1.3  

[1] 2011 data estimated. Prior years' data revised.

Source: Statistics New Zealand

Figure 2 - Gross Domestic Product by Industry Group
Figure 2 - Gross Domestic Product by Industry Group.
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