{"id":482749,"date":"2026-06-18T00:44:11","date_gmt":"2026-06-18T00:44:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/482749\/"},"modified":"2026-06-18T00:44:11","modified_gmt":"2026-06-18T00:44:11","slug":"new-data-gdp-showed-good-growth-before-iran-war","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/482749\/","title":{"rendered":"New data: GDP showed good growth before Iran war"},"content":{"rendered":"<p class=\"EoZyGajGNiPxVf\" style=\"display:none\">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\u2019s forecast of 1%, he said.<\/p>\n<p class=\"EoZyGajGNiPxVf\" style=\"display:none\">\u201cThe 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.\u201d<\/p>\n<p class=\"EoZyGajGNiPxVf\" style=\"display:none\">Nine out of 16 industries recorded an increase in economic activity in the March 2026 quarter.<\/p>\n<p class=\"EoZyGajGNiPxVf\" style=\"display:none\">Manufacturing was the largest upward contributor to the overall increase, up 1.9% in the quarter.<\/p>\n<p class=\"EoZyGajGNiPxVf\" style=\"display:none\">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.<\/p>\n<p class=\"EoZyGajGNiPxVf\" style=\"display:none\">Business services (up 1.1%) and wholesale trade (up 2.4%) also contributed to the increase in GDP in the March 2026 quarter.<\/p>\n<p class=\"EoZyGajGNiPxVf\" style=\"display:none\">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.<\/p>\n<p class=\"EoZyGajGNiPxVf\" style=\"display:none\">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.<\/p>\n<p class=\"EoZyGajGNiPxVf\" style=\"display:none\">\u201cConstruction was down 1.0% in the March 2026 quarter,\u201d Attewell said.<\/p>\n<p class=\"EoZyGajGNiPxVf\" style=\"display:none\">\u201cDeclines in both residential and non-residential building contributed to the overall fall in construction activity in this period.\u201d<\/p>\n<p class=\"EoZyGajGNiPxVf\" style=\"display:none\">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.<\/p>\n<p>Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our <a href=\"https:\/\/www.nzherald.co.nz\/my-account\/profile\/newsletters\/?from=cmp\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.nzherald.co.nz\/my-account\/profile\/newsletters\/?from=cmp\">Business newsletter<\/a> \u2013 your essential weekly round-up of all the business news you need.<\/p>\n","protected":false},"excerpt":{"rendered":"The result was that March quarters now receive less of an uplift than they did previously; without that&hellip;\n","protected":false},"author":2,"featured_media":482750,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[59777,60042,836,2246,3225,74,9218,138,3105,7500,14736,219,30271,12410,6101,28159,3499,5345,16609,1535,117,111,139,69,4460,13420,13181,12000,23554,13421,1865,6149,2963],"class_list":["post-482749","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-59777","tag-60042","tag-836","tag-2246","tag-according","tag-after","tag-before","tag-business","tag-data","tag-december","tag-domestic","tag-economy","tag-figures","tag-gdp","tag-good","tag-gross","tag-growth","tag-increase","tag-iran","tag-march","tag-new","tag-new-zealand","tag-newzealand","tag-nz","tag-product","tag-quarter","tag-released","tag-rose","tag-showed","tag-stats","tag-today","tag-war","tag-zealands"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/482749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=482749"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/482749\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/482750"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=482749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=482749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=482749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}