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New Zealand economy up 2.8 per cent in Q2

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New Zealand’s economy grew by 2.8 per cent in the June quarter, well ahead of expectations.

The result follows 1.4 per cent growth in the March quarter, and means the Kiwi economy has grown by 5.1 per cent over the last 12 months to value $NZ340 billion ($A330 billion).

Finance Minister Grant Robertson hailed the result as “very positive”, and said it was affirmed the government’s COVID-19 elimination strategy and “economic recovery roadmap”.

“Excluding the September 2020 quarter, this is the strongest quarterly growth that we have seen since 1999,” he said.

“Household spending remained buoyant, led by retail spending on electronics and furniture, eating out and holidays.

“The services industries, which make up two-thirds of the economy, grew strongly with higher activity in engineering, architectural and consulting services.”

New Zealanders were largely without COVID restrictions through the June quarter, contributing to growth.

Stats NZ said the trans-Tasman bubble, which allowed for New Zealand’s only quarantine-free international travel since the start of the pandemic, also supported the solid growth.

“New Zealand continues to outperform many of the countries we compare ourselves against,” Mr Robertson said.

“Compared with New Zealand’s 2.8 percent quarterly growth, Australia rose by 0.7 percent, the United States by 1.6 percent and Japan by 0.5 percent, while Canada declined by 0.3 percent.”


New Zealand’s economy grew by 2.8 per cent in the June quarter, well ahead of expectations.

The result follows 1.4 per cent growth in the March quarter, and means the Kiwi economy has grown by 5.1 per cent over the last 12 months to value $NZ340 billion ($A330 billion).

Finance Minister Grant Robertson hailed the result as “very positive”, and said it was affirmed the government’s COVID-19 elimination strategy and “economic recovery roadmap”.

“Excluding the September 2020 quarter, this is the strongest quarterly growth that we have seen since 1999,” he said.

“Household spending remained buoyant, led by retail spending on electronics and furniture, eating out and holidays.

“The services industries, which make up two-thirds of the economy, grew strongly with higher activity in engineering, architectural and consulting services.”

New Zealanders were largely without COVID restrictions through the June quarter, contributing to growth.

Stats NZ said the trans-Tasman bubble, which allowed for New Zealand’s only quarantine-free international travel since the start of the pandemic, also supported the solid growth.

“New Zealand continues to outperform many of the countries we compare ourselves against,” Mr Robertson said.

“Compared with New Zealand’s 2.8 percent quarterly growth, Australia rose by 0.7 percent, the United States by 1.6 percent and Japan by 0.5 percent, while Canada declined by 0.3 percent.”

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