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Service division puts New Zealand's economy in safe zone
(MENAFN) Solid growth in the services division aided to balance slumping dairy prices to support New Zealand's economic development at the end of last year.
Accordingly, the Gross domestic product (GDP) climbed by 0.9 percent in the Dec-2015 quarter, and the service industries increased 0.8 percent overall.
However, although construction-related investment surged, this was offset by lesser investment in plant, machinery, equipment and transport equipment.
"Despite the dairy industry doing it tough at the moment, we are in the unusual situation of solid growth, more employment and higher wages," said a top official.
Accordingly, the Gross domestic product (GDP) climbed by 0.9 percent in the Dec-2015 quarter, and the service industries increased 0.8 percent overall.
However, although construction-related investment surged, this was offset by lesser investment in plant, machinery, equipment and transport equipment.
"Despite the dairy industry doing it tough at the moment, we are in the unusual situation of solid growth, more employment and higher wages," said a top official.
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