New Zealand economy boosted by cement production

Bloomberg is reporting that New Zealand’s economy grew at the fastest annual pace in two years last quarter as construction boomed and manufacturing rebounded.

The housing boom is stoking New Zealand’s economy, which is among the fastest growing in the developed world.

Second-quarter growth was led by a 1.9% gain in goods-producing sectors, as construction surged and manufacturing increased for the first time in three quarters.

The housing boom aided growth through increased production of cement, and through more property transactions, as well as home building:

• Construction increased 5% from the first quarter, when it rose a revised 5.1%.
• Manufacturing was led higher by a jump in cement and concrete production.
• Services, which make up 70% of the economy, expanded 0.7%.

Edited from source by Joseph Green. Source: Bloomberg

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