Growth for Otago economy

Otago was one of 12 regions which recorded a rise in economic activity in the three months ended September.

The largest regional increase in economic activity was measured in Waikato, growing 2.1% from three months earlier.

That represented the first positive rise in economic activity in the region since the end of 2007.

Otago recorded economic growth of just 0.9% but was one of 10 regions to post consecutive quarterly rises in economic activity.

Nationwide, the news was not so good with the -1.8% fall in annual growth unchanged from June.

Only Gisborne, at 0.6% growth, recorded an annual rise among the 14 regions measured by the ANZ-National Bank regional trends.

Otago reported a -1.6% fall in annual economic activity.

Looking at the regional quarterly figures, Otago recorded a 12% rise in the number of house sales in September, propelling the series to an 18-month high.

New car registrations in Otago recovered 27% after registering a 16-year low in the previous quarter.

Accommodation guest nights recorded a strong rise (up 3.4%) at a time of modest growth nationwide (0.2%).

Residential building approvals lifted 4.1% and commercial construction consents rose 7.3%.

Despite a small lift in employment, the region's unemployment rate rose to 6%.

Both business and consumer confidence undershot their respective nationwide benchmarks.

Turnover in the rural real estate market weakened, with the number of large farm sales hitting an all-time low.

 

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