Bay growth pips Auckland

Nation’s best-performing region posts 7.7% GDP increase

Regional GDP is up in 12 out of New Zealand’s 15 regions, according to the latest data from Statistics NZ. The results show the GDP statistics in the financial year to March 2016.

Bay of Plenty tops the country’s growth at 7.7 per cent, with Auckland in second place with 6 per cent. Otago sits in third place with 4.8 per cent.

“The Bay of Plenty’s increase was underpinned by strong performances across the professional and administrative services, and agriculture, pri- marily kiwifruit,” said senior national accounts manager Gary Dunnet.

“The increase in Auckland was driven by the professional services, finance, and transport industries,” he said.

Economic Development Minister Simon Bridges said the results were encouraging.

“It’s really encouraging to see strong growth in regions like Bay of Plenty, Otago, Manawatu-Whanganui and Waikato,” Bridges said.

Waikato, Wellington, Canterbury and Manawatu-Whanganui grew by more than 3 per cent.

Taranaki, West Coast and Southland all recorded decreases in GDP, reflecting the downturn in dairy and drop off in mining and oil and gas industries.

Despite the decrease, Taranaki still retains the highest GDP per capita at $71,297, followed by Wellington at $67,888 and Auckland at $58,717.

Over a five-year period, Marlborough has been the country’s fastest-growing region at 32.3 per cent, followed by Canterbury at 31.9 per cent and Auckland at 31.1 per cent.

Asked why the data only relates to the year until March 2016, a Statistics NZ spokesman said the regional GDP data is disaggregated from the annual National Accounts which were released in December last year.