New Zealand Economy Grew 1.1% In 2011 Not 1.4%

15 May 2012 10:30am - Mark Maffia

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New Zealand Economy Grew 1.1% In 2011 Not 1.4%

Statistics New Zealand said today that News Zealand’s economic growth was actually slower than previously thought during 2011. While economic activity still grew 0.3% in the last quarter of last year, activity for the whole year increased 1.1% and not a previous calculation of 1.4% the statistics agency said. The new calculation provides a more detailed breakdown of services industries making it easier to compare New Zealand against other countries. Statistics New Zealand said gross domestic product data from the June 1987 quarter to the December 2011 quarter has been updated to incorporate the new industry classification to better represent the current economy.

Westpac economists have said that the changes meant their understanding of New Zealand’s recent economic history had been recent. They said the revisions were probably negative for the inflation outlook and negative for monetary policy. Dominick Stephens, Westpac chief economist said, “However, it is difficult to tell exactly how the Reserve Bank will react.” He added, “The best we can say at this point is the uncertainty around the Reserve Bank’s June monetary policy statement has increased considerably.” September 2011 quarterly GDP growth is now estimated as 0.2 per cent, rather than 0.7 per cent. "It is now clear that the recovery has been slow and that economic activity is still around the 2007 level," he said. "The recovery in private consumption and private investment now looks slower," Stephens said.

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Related Links:
• Statistics New Zealand
GDP: December 2011 Quarter (new classification)
• Reserve Bank of New Zealand
New Zealand's Central Bank
• Latest News
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