The result was that March quarters now receive less of an uplift than they did previously; without that change, the result would have been closer to Westpac’s forecast of 1%, he said.
“The effects of these revisions are most clearly shown in the annual growth rate, which printed at 1.5% compared to our forecast of 1.2%, despite growth in the March quarter itself coming in lower than our estimate.”
Nine out of 16 industries recorded an increase in economic activity in the March 2026 quarter.
Manufacturing was the largest upward contributor to the overall increase, up 1.9% in the quarter.
The rise in manufacturing activity was led by a 4.0% increase in transportation equipment, machinery and equipment manufacturing, and a 1.7% rise in food, beverage and tobacco manufacturing.
Business services (up 1.1%) and wholesale trade (up 2.4%) also contributed to the increase in GDP in the March 2026 quarter.
The increase in business services was driven by a 1.4% rise in professional, scientific and technical services, while the rise in wholesale trade was led by an increase in machinery and equipment wholesaling.
Mining was the largest downward contributor to GDP in the March 2026 quarter, down 11.6%. This was driven primarily by a decrease in oil and gas extraction.
“Construction was down 1.0% in the March 2026 quarter,” Attewell said.
“Declines in both residential and non-residential building contributed to the overall fall in construction activity in this period.”
Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003.
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