New Zealand Q2 GDP rises more strongly than expected | Forexlive

The better-than-expected data has given NZD/USD a bit of a blip higher.

Stats NZ:

• “Business services was the biggest driver of economic growth this quarter, largely due to computer system design,”
• Several other industries also contributed to the growth this quarter, including:

  public administration, safety, and defense
  rental, hiring, and real estate services
  electricity, gas, water, and waste.

• Transport equipment and machinery manufacturing drove higher activity in the manufacturing industry

• Manufacturing activity increased this quarter after five consecutive quarters of decline.

• “Following the impacts of Cyclone Gabrielle, both education and transport, postal, and warehousing grew this quarter after a decline in the March quarter. Agriculture, forestry, and fishing, which was also impacted by extreme weather events, fell in both the March and June quarters,”

• Exports rose 5.0 percent, led by higher dairy, forestry, and meat exports.
• Household spending grew 0.4 percent this quarter driven by increased spending on durables, including motor vehicles and audio-visual equipment.
• Increases in exports, household spending, and investment resulted in a decrease in stock levels, particularly affecting motor vehicle and forestry inventories.