Construction Rose NZ economic growth

The economy of New Zealand increased by 0.6 percent during the third quarter due to the rebound in construction, report based on the official data issued on Thursday. The growth in the gross domestic product (GDP) in the quarterly basis coincides with the market expectations, showing an annual rise of 3.0 percent.

According to the Statistic New Zealand, the construction activity picked up this quarter and unwind the decline of the last two quarters. This further indicates an expansion in construction-related investment, as residential buildings and infrastructure investments implied strong growth.

Moreover, construction gained 3.6 percent over the quarter and service industries achieved 0.6 percent along with the leading residential and health care. The  Statistics NZ further stated that primary industries are down to 0.4 percent, partially because of the wet weather that reduced milk production.