The Treasury

Global Navigation

Personal tools

NZDMO
Publication

New Zealand Economic and Financial Overview 2014

National Accounts

In the year to September 2013, the New Zealand economy recorded annual average GDP growth of 2.6%. Growth in the September 2013 quarter was 1.4% following growth of 0.3% in the June quarter and 0.5% in the March quarter.

The following table shows Gross Domestic Product and Gross National Expenditure in nominal terms for the last five March years:

Table 5 - Gross Domestic Product and Gross National Expenditure1
Year ended 31 March
(dollar amounts in millions)
2009 2010 2011 2012 2013
Compensation of Employees 84,848 85,742 88,523 92,056 95,756
Net Operating Surplus 50,925 53,762 58,579 61,563 60,430
Consumption of Fixed Capital 27,773 28,066 28,169 28,534 29,150
Indirect Taxes 23,100 23,524 24,841 26,460 27,031
Less Subsidies 1,039 665 1,004 1,037 728
Gross Domestic Product 185,608 190,429 199,108 207,576 211,639
Final Consumption Expenditure          
    General Government 37,428 38,340 39,941 41,111 41,237
    Private 108,051 111,546 116,347 122,551 126,183
Physical Increase in Stocks 51 (851) 854 1,802 820
Gross Fixed Capital Formation 40,513 36,834 37,275 38,777 41,773
Gross National Expenditure 186,044 185,869 194,417 204,241 210,012
Exports of Goods and Services 60,760 55,837 61,565 65,054 62,745
Less Imports of Goods and Services 61,196 51,277 56,874 61,407 61,119
Expenditure on Gross Domestic Product 185,607 190,429 199,108 207,888 211,637
  1. Data from the annual National Accounts release for year ended March 2013.

Source: Statistics New Zealand

Figure 1 - Real Gross Domestic Product
Figure 1 - Real Gross Domestic Product.
Sources: Statistics New Zealand, the Treasury

The following table shows GDP by major industries at constant 1995/96 prices.

Table 6 - Gross Domestic Product by Production Group1
Year ended 30 September
(dollar amounts in millions)

2009 2010 2011 2012 2013 2013
% of Total
Manufacturing 17,472 19,130 19,372 19,597 19,953 13.3
Rental, hiring, and real estate services 17,604 17,760 18,084 18,336 18,617 12.4
Prof, scientific, technical, admin, and support 10,865 11,270 12,000 12,584 13,122 8.7
Information media and telecommunications 9,027 9,051 9,719 10,119 10,405 6.9
Retail trade and accommodation 8,973 9,215 9,350 9,754 10,120 6.7
Wholesale trade 7,378 7,470 7,888 8,032 8,189 5.5
Construction 6,659 6,566 6,333 7,046 8,015 5.3
Health care and social assistance 7,483 7,632 7,430 7,489 7,789 5.2
Transport, postal, and warehousing 7,029 7,341 7,525 7,584 7,591 5.1
Agriculture, forestry, and fishing 7,560 7,037 7,093 7,723 7,439 5.0
Financial and insurance services 6,611 6,600 6,683 6,802 6,996 4.7
Public administration and safety 5,967 6,115 6,139 6,104 6,275 4.2
Education and training 4,389 4,396 4,424 4,471 4,496 3.0
Arts, recreation, and other services 4,402 4,491 4,314 4,222 4,354 2.9
Electricity, gas, water, and waste services 3,004 3,218 3,238 3,088 3,028 2.0
Mining 1,338 1,438 1,258 1,225 1,254 0.8
Production GDP 137,677 140,608 142,251 146,183 149,989 100.0
Annual Average % change (2.2) 1.1 1.0 2.4 2.7  
Primary industries 9,288 8,829 8,644 9,240 9,005 6.0
Goods-producing industries 27,624 29,329 29,275 30,084 31,458 21.0
Service industries 89,433 91,075 92,936 94,738 97,193 64.8
  1. 2013 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.
Sources: Statistics New Zealand, the Treasury
Page top