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WELLINGTON Cheap Jared McCann Hat , June 15 (Xinhua) -- New Zealand's gross domesticproduct (GDP) posted 0.5-percent rise in the March 2017 quarter,taking New Zealand's growth rate for the year to 3 percent, NewZealand's statistics department Stats NZ said on Thursday.
The size of the economy in current prices being 265 billion NZdollars (191.3 billion U.S. dollars), Stats NZ said, adding thatGDP per capita decreased 0.1 percent, following a 0.2 percent fallin the December 2016 quarter.
The 0.5-percent rise followed an increase of 0.4 percent in theDecember 2016 quarter Cheap Jamie McGinn Hat , it said.
"Much lower building activity combined with mixed results forthe service sector took the shine off higher dairy production andsaw a second quarter of moderate overall GDP growth," nationalaccounts senior manager Gary Dunnet said in a statement.
At an industry level, 11 out of 16 industries increased thisquarter, with agriculture and retail trade having the biggestincreases, while construction was significantly down, Dunnetsaid.
Agriculture grew 4.3 percent due to higher milk production. Thisflowed through to higher dairy product manufacturing Cheap Radim Vrbata Hat , whichcontributed to the overall rise in food, beverage, and tobaccoproduct manufacturing. Dairy exports fell 11 percent in the March2017 quarter, resulting in a build-up in dairy inventories,according to the statement.
Construction fell 2.1 percent, with all building sectors showinga fall. Non-residential building construction Cheap James Reimer Hat , declining from arecent peak, was the key driver. This was also reflected withfalling investment in both residential and non-residential buildingconstruction, it said.
Overall investment was up despite lower building activity andless investment in transport equipment. Investment in plant,machinery and equipment has been the strongest in almost sevenyears, reflecting higher domestic production and greater imports ofmachinery, according to Stats NZ.
Activity in the service industries was mixed Cheap Nick Bjugstad Hat , up 0.4 percentover the March 2017 quarter. The main driver of growth was retailtrade and accommodation. In contrast, transport, postal, andwarehousing; and rental hiring and real-estate services were down,the release said.
Household spending bounced back this quarter, up 1.3 percent Cheap Connor Brickley Hat ,reflecting strong growth in retail trade. This rise contributed toan annual growth rate of 4.7 percent, the largest increase inhousehold spending in over a decade, it said.
Net exports were down. Exports of goods and services fell 0.4percent, while imports of goods and services increased 1.3 percent,it said.
Finance Minister Steven Joyce said that the GDP figures are areminder of the importance of focusing on policies that create andsustain economic growth.
"Moderate GDP growth over the last six months is a reminder thatevery economic gain is hard-won in what is still a challenginginternational environment," Joyce said in a statement.
"The government will continue to take the right steps toencourage businesses to invest and grow more jobs for NewZealanders Cheap Jonathan Huberdeau Hat ," he said. Enditem
Pakistan Oilfields Limited (POL), a subsidiary of Attock Oil Company Limited (AOC) is an upstream oil and gas company. POL conducts exploration and development of natural resources for the production of oil and gas. It also manufactures LPG, solvent oil, and sulphur. The company holds interest in nine development and production leases, namely, Pariwali Cheap Aaron Ekblad Hat , Meyal, Joyamair, Minwal, Dhulian, Khaur, Pindori Cheap Keith Yandle Hat , Turkwal and Balkassar. Besides this, it also maintains joint venture agreements with Attock Oil Company Limited; Oil & Gas Development Company Limited; Orient Petroleum Inc.; and Tullow Pakistan among others, for development of various other exploration projects.
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