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.