New Zealand GDP grew 0.7% qoq in Q3, above expectation of 0.5% qoq. Q2’s growth rate was revised sharply lower from 0.5% qoq to 0.1% qoq. Looking at some details, primary industries grew 1.1%. Good-producing industries grew 0.5%. Services industries grew 0.4%.
Services growth, which account for 2/3 of the GDP, was led by retail. The 2.4% growth in retail and accommodation was also the fastest in eight years, dominated by electronics.
Also released, exports rose NZD 371m, or 7.6% yoy, to NZD 5.2B. Imports rose NZD 119m, or 2.0% yoy, to NZD 6.0B. Trade deficit came in at NZD 753m, slightly larger than expectation of NZD 700m.
