22 Aug 2008

Economic activity shrinks further

11:23 am on 22 August 2008

The latest survey has found economic activity has contracted for the second successive quarter.

The National Bank regional trends survey says activity declined 0.5% in the three months to June.

Auckland and Otago contracted 1.2%. Bay of Plenty was down by 1.7%; Southland was down 1.1%; and Waikato shrank 2.1%.

That offset expansion in Taranaki (2.4%), Wellington (0.7%) and Canterbury (0.6%). Gisborne grew by 1.4%, West Coast by 1.2% and Northland by 1.1%.

On a yearly basis, average economic growth eased to 0.8%, the lowest level in nine years.