Gisborne’s regional gross domestic product (GDP) rose 7.2 percent in the year to March 2019, the highest for any region, Stats NZ said today.
Marlborough’s regional GDP increase was the second highest at 6.6 percent, followed by Waikato at 6.4 percent. These increases exclude price effects and compare with the national GDP increase of 5.0 percent.
The regional GDP figures include updated information showing which industries contribute most to each region’s economic activity.
“Gisborne’s increase was underpinned by strong contributions from construction, and health care and social assistance,” national accounts senior manager Ruvani Ratnayake said.
“The region’s forestry and logging industries also supported the regional economy, benefiting from increasing prices and robust international demand at the time.”
“Gisborne’s construction industry increased sharply in 2018 and continued to show momentum in 2019.”
Wellington and Taranaki typically have the highest GDP per capita in New Zealand. GDP per capita measures total economic output from industry divided by the number of people.
“Wellington takes the top GDP per capita position in 2019, rising to $74,251, ahead of Taranaki on $73,029. However, in 2018 Taranaki had the highest GDP per capita at $72,702,” Ms Ratnayake said.
Wellington’s largest industries include professional groups, central government administration, and the finance and insurance services industries. In Taranaki mining, manufacturing, and agriculture are key industries.
The national average GDP per capita was $62,165.
About regional GDP data
- The GDP per capita figures released today incorporate the latest national population statistics but updated subnational population estimates are not yet available.
- Regional GDP figures are expressed in current price (nominal) terms and so differ from national GDP measures that report GDP movements exclusive of price effects. After adjusting for such effects, national GDP grew 3.1 percent in the year to March 2019.
- Regional GDP data is released four months after the annual national accounts, published in November. Regionalisation cannot take place until after this data is finalised.
- Stats NZ is the official producer of regional GDP statistics.
Datainfo+ explains regional GDP methodology.
