Agriculture contributes to GDP growth

Agriculture was a main contributor to growth in New Zealand’s economic growth in the March 2012 quarter, according to Statistics NZ.

Economic activity, as measured by gross domestic product (GDP) grew 0.6 percent in the June 2012 quarter, following revised growth of one percent in the March 2012 quarter.

Agriculture was one of the main contributors to the growth, increasing by 4.7 percent, with continued good growing conditions resulting in increased milk production, Statistics NZ says.

“The good pasture conditions in the first half of the year continued to contribute to economic growth this quarter, national accounts manager Rachael Milicich says.

Construction, transport, postal and warehousing and manufacturing were other strong sectors.

“We are also now seeing evidence of a rebuild in Canterbury following the earthquakes,” Milicich says.

The size of the economy (in current prices) was $205 billion for the year ended June 2012.

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