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Rugby World Cup lifts NZ economy
Source: Agencies |
December 23, 2011, Friday
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Print Edition
Print Edition
THE Rugby World Cup propelled New Zealand's economy to faster-than-expected growth of 0.8 percent in the three months ended September, its strongest quarterly performance in nearly two years.
Statistics New Zealand said yesterday that the staging of the sports competition that started on September 9 and ended October 23 boosted retailing and the hotel and restaurant trades. Manufacturing also improved.
Economists had forecast quarterly growth of 0.6 percent.
The economy grew 1.3 percent in the year ended September, which was the strongest annual gain in four years, according to the agency.
Manufacturing output rose 2.3 percent, due mainly to increased production of food, drinks and tobacco.
"Activity in the retail, accommodation and restaurants industry was certainly boosted by the Rugby World Cup. New Zealanders and visitors ... both contributed to that rise," said a Statistics New Zealand official.
The gross domestic product has grown in nine of the past 10 quarters, but still is below its peak at the end of 2007, before the global financial crisis.
Finance Minister Bill English said the quarterly growth was "solid" and "pleasing" after a flat second quarter.
Statistics New Zealand said yesterday that the staging of the sports competition that started on September 9 and ended October 23 boosted retailing and the hotel and restaurant trades. Manufacturing also improved.
Economists had forecast quarterly growth of 0.6 percent.
The economy grew 1.3 percent in the year ended September, which was the strongest annual gain in four years, according to the agency.
Manufacturing output rose 2.3 percent, due mainly to increased production of food, drinks and tobacco.
"Activity in the retail, accommodation and restaurants industry was certainly boosted by the Rugby World Cup. New Zealanders and visitors ... both contributed to that rise," said a Statistics New Zealand official.
The gross domestic product has grown in nine of the past 10 quarters, but still is below its peak at the end of 2007, before the global financial crisis.
Finance Minister Bill English said the quarterly growth was "solid" and "pleasing" after a flat second quarter.
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