New Zealand growth data for the third quarter
- Prior reading was +0.4%
- GDP +2.3% y/y vs +2.3% exp
- GDP up 2.4% prior
- Q2 revised down to 0.3% from +0.4%
- Grew annual average 2.9% in year through Sept
A tad stronger this quarter but Q2 revised lower.
More details:
- Manufacturing rose 2.8%, most since Q4 2012
- Food/beverage/tobacco gained 4.7%
- 9 of 11 industry groups rose
- Business services +2.2%
- Wholesale trade +2.2%
- Construction down 2.9% but it was largely due to heavy industry, not housing
- Investment +2.7%
- Exports +1.9%
- Imports -2.8%
That strength in manufacturing is encouraging to those who believe a weak NZD will help the economy.