18th June 2021 By Staff Reporter | email@example.com | @foodtickernz
Gross domestic product rose by 1.6% in the March 2021 quarter, recovering from a 1% fall in the final quarter of 2020, Stats NZ said.
The services industries, which represent about two thirds of New Zealand’s economy, made the largest contribution to the result.
Households spent more on accommodation, eating out, and purchasing big ticket items such as furniture, audio visual equipment, and motor vehicles, according to national accounts senior manager Paul Pascoe, who said this helped support the growth in retail trade and accommodation industry and wholesale trade industry.
While GDP rose in the March quarter, the annual picture shows a 2.3% contraction for the the year ended March 2021.
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