New Zealand Q2 GDP rises more strongly than expected

<p>The better-than-expected data has given NZD/USD a bit of a blip higher.</p><p>Stats NZ:</p><ul><li>“Business services was the biggest driver of economic growth this quarter, largely due to computer system design,” </li><li>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.
</li><li>Transport equipment and machinery manufacturing drove higher activity in the manufacturing industry</li><li>

Manufacturing activity increased this quarter after five consecutive quarters of decline.</li><li>

“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,” </li><li>Exports rose 5.0 percent, led by higher dairy, forestry, and meat exports.
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Household spending grew 0.4 percent this quarter driven by increased spending on durables, including motor vehicles and audio-visual equipment.
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Increases in exports, household spending, and investment resulted in a decrease in stock levels, particularly affecting motor vehicle and forestry inventories.</li></ul><p>more to come </p>

This article was written by Eamonn Sheridan at www.forexlive.com.