Forex
NZ GDP Review Shows Strong Services Growth, Decline in Goods-Producing Industries
The New Zealand GDP review for the June quarter of 2026 has been released by Westpac IQ. The report notes that the country's economic growth is a key focus area, with various sectors contributing to the overall performance.
A notable trend in the report is the strong growth of the services sector, which accounted for around 79% of total output and increased by 2.4% on quarter. On the other hand, the goods-producing industries experienced a decline of 1.7%, indicating a shift towards service-oriented economy.
The Westpac IQ report also highlights that the quarterly growth rate was driven mainly by household expenditure and government consumption. However, it notes that some sectors like agriculture and forestry saw a decline in output.