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National Accounts

In the year to September 2014, the New Zealand economy recorded annual average growth in real production GDP of 2.9%. Growth in the September 2014 quarter was 1.0% following growth of 0.7% in the June quarter and 0.9% in the March quarter.

The following table shows Gross Domestic Product and Gross National Expenditure in nominal terms for the five years to March 2014:

Table 6 - Gross Domestic Product and Gross National Expenditure (1)
Year ended 31 March
(dollar amounts in millions)
2010 2011 2012 2013 2014
Compensation of Employees 85,762 88,811 92,218 95,999 100,127
Net Operating Surplus 54,346 57,954 60,566 60,094 68,225
Consumption of Fixed Capital 29,888 29,873 30,189 30,997 31,838
Indirect Taxes 23,524 25,997 28,364 29,175 31,718
Less Subsidies 665 1,004 1,037 951 870
Gross Domestic Product 192,855 201,630 210,300 215,315 231,038
Final Consumption Expenditure          
   General Government 38,249 39,864 41,392 41,725 43,428
   Private 111,668 116,148 122,110 125,975 130,338
Physical Increase in Stocks (851) 862 1,283 598 1,857
Gross Fixed Capital Formation 39,278 40,087 42,216 45,910 50,928
Gross National Expenditure 188,343 196,962 207,002 214,208 226,551
Exports of Goods and Services 55,832 61,559 64,749 62,762 67,175
Less Imports of Goods and Services 51,320 56,891 61,451 61,235 63,227
Expenditure on Gross Domestic Product 192,855 201,630 210,300 215,735 230,498

1) 2014 data provisional. Prior years’ data revised.

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 Gross Domestic Product by major industries at constant 1995/96 prices.

Table 7 - Gross Domestic Product by Production Group (1)
Year ended 30 September
(dollar amounts in millions)
2010 2011 2012 2013 2014 2014 %
of Total
Rental, hiring, and real estate services 23,121 23,873 24,543 24,735 25,060 11.8%
Manufacturing 23,373 23,002 22,597 23,185 23,678 11.1%
Prof, scientific, technical, admin, and support 17,884 18,509 18,762 19,558 19,750 9.3%
Retail trade and accommodation 12,373 12,553 13,088 13,554 14,104 6.6%
Construction 10,584 10,248 11,170 12,381 13,874 6.5%
Health care and social assistance 11,959 11,794 12,123 12,602 13,222 6.2%
Financial and insurance services 11,264 11,403 11,491 11,894 12,330 5.8%
Agriculture, forestry, and fishing 10,699 10,935 12,240 11,881 11,981 5.6%
Wholesale trade 9,770 10,312 10,510 10,719 11,095 5.2%
Education and training 9,231 9,243 9,270 9,307 9,381 4.4%
Public administration and safety 8,851 8,880 8,842 8,995 9,186 4.3%
Transport, postal, and warehousing 8,422 8,850 9,015 9,035 9,157 4.3%
Arts, recreation, and other services 6,894 6,793 6,803 7,027 7,105 3.3%
Information media and telecommunications 5,901 6,346 6,512 6,689 6,734 3.2%
Electricity, gas, water, and waste services 6,282 6,307 6,122 6,156 6,260 2.9%
Mining 4,141 3,601 3,458 3,547 3,686 1.7%
Production GDP 194,876 197,082 201,931 206,710 212,639 100.0%
Annual Average % change 1.6% 1.1% 2.5% 2.4% 2.9%  
Primary Industries 14,732 14,554 15,897 15,546 15,807 7.4%
Goods-producing industries 40,263 39,564 39,903 41,749 43,850 20.6%
Service industries 125,672 128,552 130,971 134,083 137,069 64.5%

Source: Statistics New Zealand

Figure 2 - Gross Domestic Product by Industry Group
Sources: Statistics New Zealand, the Treasury
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