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New Zealand Economic Chart Pack Key New Zealand Macroeconomic and Financial Market Graphs September 2010
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New Zealand
Economic Chart Pack
Key New Zealand Macroeconomic and Financial Market Graphs
September 2010
New Zealand Economic Chart Pack – September 2010 Page 2
Contents
Aggregate Output............................................................................................................................ 4
Prices .............................................................................................................................................. 5
Households ..................................................................................................................................... 6
Business ......................................................................................................................................... 7
Government .................................................................................................................................... 8
Taxation .......................................................................................................................................... 9
External Sector ............................................................................................................................. 10
Labour Market ............................................................................................................................... 11
Housing Market ............................................................................................................................. 12
Financial Market ........................................................................................................................... 13
Indicators of Productive Capacity .................................................................................................. 14
Balance Sheet .............................................................................................................................. 15
Sectoral Saving ............................................................................................................................. 16
Ratios to GDP ............................................................................................................................... 17
Miscellaneous ............................................................................................................................... 18
International .................................................................................................................................. 19
Glossary ....................................................................................................................................... 20
Data finalised 30 September 2010
New Zealand Economic Chart Pack – September 2010 Page 4
Aggregate Output Production GDP Growth
Source: Statistics New Zealand
Real Gross National Disposable Income Growth
Source: Statistics New Zealand
Components of Production GDP
June 2010 Quarter
-0.4 -0.2 0.0 0.2 0.4
Agriculture and Primary Food
Fishing, Forestry and Mining
Electricity, Gas and Water
Manufacturing (ex-primary food)
Construction
Wholesale and Retail
Services
Unallocated/balancing Item
Production GDP
% point contribution
Source: Statistics New Zealand, The Treasury
Production GDP per Capita Growth
Source: Statistics New Zealand
Nominal GDP Growth
Source: Statistics New Zealand
Components of Expenditure GDP
June 2010 Quarter
-2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5
Private Consumption
Public Consumption
Residential Investment
Business Investment
Exports of Goods and Services
Imports of Goods and Services
Change in Inventories
Balancing Item
GDP
% point contribution
Source: Statistics New Zealand, The Treasury
10090807060504030201009998979695
6
4
2
0
-2
-4
6
4
2
0
-2
-4
% %
Annual average % change Quarterly % change (s.a.)
10090807060504030201009998979695
8
6
4
2
0
-2
-4
-6
8
6
4
2
0
-2
-4
-6
% %
Annual average % change Quarterly % change (s.a.)
10090807060504030201009998979695
6
4
2
0
-2
-4
6
4
2
0
-2
-4
% %
Annual average % change Quarterly % change (s.a.)
10090807060504030201009998979695
10
8
6
4
2
0
-2
10
8
6
4
2
0
-2
% %
Annual average % change Quarterly % change (s.a.)
New Zealand Economic Chart Pack – September 2010 Page 5
Prices Consumers Price Index
Source: Statistics New Zealand
CPI Inflation & Pricing intentions
Source: Statistics New Zealand, National Bank, NZIER
GDP Deflator
Source: Statistics New Zealand
CPI Components
Source: RBNZ, Statistics New Zealand
Inflation Expectations
Source: RBNZ, National Bank, The Treasury
Consumption Deflator
Source: Statistics New Zealand
10090807060504030201009998979695
6
4
2
0
-2
6
4
2
0
-2
% %
Annual % change Quarterly % change
10090807060504030201009998979695
50
40
30
20
10
0
-10
-20
6
5
4
3
2
1
0
-1
Net % Annual % change
NBBO - pricing intentions QSBO - average selling priceCPI inflation (RHS)
10090807060504030201009998979695
8
6
4
2
0
-2
-4
8
6
4
2
0
-2
-4
% %
Annual % change (s.a.) Quarterly % change (s.a.)
10090807060504030201009998979695
8
6
4
2
0
-2
-4
8
6
4
2
0
-2
-4
Annual % change Annual % change
Tradable inflation Non-tradable inflation
10090807060504030201009998979695
4
3
2
1
0
4
3
2
1
0
% %
* Derived from inflation indexed bond
RBNZ survey of expectations - one year aheadNBBO - inflation expectationsImplied inflation premium *
10090807060504030201009998979695
5
4
3
2
1
0
-1
5
4
3
2
1
0
-1
% %
Annual % change (s.a.) Quarterly % change (s.a.)
New Zealand Economic Chart Pack – September 2010 Page 6
Households Real Private Consumption Growth
Source: Statistics New Zealand
Nominal Retail Sales & Gross Earnings Growth
Source: Statistics New Zealand
International Travel
Source: Statistics New Zealand
Real Core Retail Sales Growth
Source: Statistics New Zealand
Car Registrations
Source: Statistics New Zealand
Consumer Confidence
Source: Westpac McDermott Miller, Roy Morgan
10090807060504030201009998979695
8
6
4
2
0
-2
8
6
4
2
0
-2
% %
Annual average % change Quarterly % change (s.a.)
10090807060504030201009998979695
10
8
6
4
2
0
-2
10
8
6
4
2
0
-2
Annual % change Annual % change
Monthly core retail sales (3 month moving average s.a.)Total weekly gross earnings
10090807060504030201009998979695
250
200
150
100
50
250
200
150
100
50
000s per month (s.a.) 000s per month (s.a.)
Short term New Zealand resident departuresShort term overseas visitor arrivals
10090807060504030201009998979695
8
6
4
2
0
-2
8
6
4
2
0
-2
% %
Annual average % change Quarterly % change (s.a.)
10090807060504030201009998979695
25
20
15
10
5
0
25
20
15
10
5
0
000s per month 000s per month
Total car registrations Car previously registered overseasNew cars
10090807060504030201009998979695
150
140
130
120
110
100
90
80
70
150
140
130
120
110
100
90
80
70
Index Index
Westpac McDermott Miller ANZ-Roy Morgan
New Zealand Economic Chart Pack – September 2010 Page 7
Business Real Business Investment Growth
Source: Statistics New Zealand
Investment & Business Profitability
Source: Statistics New Zealand, NZIER
Firms’ Own Activity Outlook
Source: NZIER, National Bank
Net Operating Surplus & Company Tax
Source: The Treasury
Non-Residential Buildings
Source: Statistics New Zealand
Business Confidence
Source: NZIER, National Bank
10090807060504030201009998979695
20
10
0
-10
-20
20
10
0
-10
-20
% %
Annual average % change Quarterly % change (s.a.)
10090807060504030201009998979695
20
10
0
-10
-20
-30
20
0
-20
-40
-60
Annual % change Net %
Real business investment Profitability (RHS, advanced 2 qtrs)
10090807060504030201009998979695
60
40
20
0
-20
-40
-60
60
40
20
0
-20
-40
-60
Net % Net %
QSBO NBBO
0807060504030201009998979695
30
20
10
0
-10
-20
-30
-40
30
20
10
0
-10
-20
-30
-40
Annual average % change Annual average % change
Net operating surplus Company tax (lagged 12 months)
10090807060504030201009998979695
40
30
20
10
0
-10
-20
-30
40
30
20
10
0
-10
-20
-30
Annual average % change Annual average % change
Real non-residential building investmentValue of non-residential consents
10090807060504030201009998979695
80
60
40
20
0
-20
-40
-60
-80
80
60
40
20
0
-20
-40
-60
-80
Net % Net %
QSBO NBBO
New Zealand Economic Chart Pack – September 2010 Page 8
Government Real Public Consumption Growth (ex-Military)
Source: Statistics New Zealand
Government Debt to GDP Ratio (June years)
Source: The Treasury
Fiscal Balance (June years)
Source: The Treasury
Real Non-Market Investment growth
Source: Statistics New Zealand
Tax to GDP Ratio
Source: The Treasury
Implied Company & Personal Income Tax Ratio
Source: Statistics New Zealand, The Treasury
10090807060504030201009998979695
8
6
4
2
0
-2
-4
8
6
4
2
0
-2
-4
% %
Annual average % change Quarterly % change (s.a.)
10090807060504030201009998979695
50
40
30
20
10
0
50
40
30
20
10
0
% of GDP % of GDP
Gross sovereign-issued debt Net core Crown debt
10090807060504030201009998979695
6
4
2
0
-2
-4
-6
-8
6
4
2
0
-2
-4
-6
-8
% of GDP % of GDP
Operating balance OBEGAL
10090807060504030201009998979695
60
40
20
0
-20
-40
60
40
20
0
-20
-40
% %
Annual average % change Quarterly % change (s.a.)
10090807060504030201009998979695
35
34
33
32
31
30
29
35
34
33
32
31
30
29
% of GDP % of GDP
Total tax revenue (4 quarter moving average)
10090807060504030201009998979695
40
35
30
25
20
40
35
30
25
20
% %
* Company tax has been lagged by 4 quarters
Company tax to corporate profit rate *Source deductions to compensation of employees rate
New Zealand Economic Chart Pack – September 2010 Page 9
Taxation Total Tax Receipts & Nominal GDP
Source: The Treasury, Statistics New Zealand
Corporate Tax & Nominal GDP
Source: The Treasury, Statistics New Zealand
Resident Withholding Tax on Interest
Source: The Treasury, RBNZ
Source Deductions & Compensation of Employees
Source: The Treasury, Statistics New Zealand
Total GST & Nominal Consumption
Source: The Treasury, Statistics New Zealand
Customs GST & Nominal Goods Imports
Source: The Treasury, Statistics New Zealand
10090807060504030201009998979695
15
10
5
0
-5
-10
15
10
5
0
-5
-10
Annual average % change Annual average % change
Total tax receipts Nominal GDP
10090807060504030201009998979695
30
20
10
0
-10
-20
-30
-40
10
8
6
4
2
0
Annual average % change Annual average % change
Corporate tax Nominal GDP (RHS)
10090807060504030201009998979695
100
50
0
-50
-100
100
50
0
-50
-100
Annual % change Annual % change
Quarterly resident withholding tax receipts90 day bank bill yield (2 qtr lag)
10090807060504030201009998979695
10
5
0
-5
-10
10
5
0
-5
-10
Annual average % change Annual average % change
Source deductions Compensation of employees
10090807060504030201009998979695
12
10
8
6
4
2
0
-2
12
10
8
6
4
2
0
-2
Annual average % change Annual average % change
GST Nominal private and public consumption
10090807060504030201009998979695
30
20
10
0
-10
-20
-30
30
20
10
0
-10
-20
-30
Annual average % change Annual average % change
Customs GST Nominal goods imports
New Zealand Economic Chart Pack – September 2010 Page 10
External Sector SNA Export Growth
Source: Statistics New Zealand
Current Account
4 quarter running total
Source: Statistics New Zealand
Composition of Export Volume Growth
Source: Statistics New Zealand
SNA Import Growth
Source: Statistics New Zealand
OTI Terms of Trade
Source: Statistics New Zealand
Composition of Import Volume Growth (ex-Military)
Source: Statistics New Zealand
10090807060504030201009998979695
25
20
15
10
5
0
-5
-10
25
20
15
10
5
0
-5
-10
Annual average % change Annual average % change
Goods & services export values Goods & services export volumes
10090807060504030201009998979695
4
2
0
-2
-4
-6
-8
-10
4
2
0
-2
-4
-6
-8
-10
% of GDP % of GDP
Goods balance Services balanceInvestment & transfers balance Current account balance
10090807060504030201009998979695
20
15
10
5
0
-5
-10
20
15
10
5
0
-5
-10
Annual average % change Annual average % change
Primary goods Manufacturing goodsOther goods Services
10090807060504030201009998979695
20
10
0
-10
-20
20
10
0
-10
-20
Annual average % change Annual average % change
Goods & services import values Goods & services import volumes
10090807060504030201009998979695
1300
1200
1100
1000
900
800
700
1300
1200
1100
1000
900
800
700
Index (June 2002 = 1000) Index (June 2002 = 1000)
Import prices Export prices Terms of trade
10090807060504030201009998979695
40
20
0
-20
-40
40
20
0
-20
-40
Annual average % change Annual average % change
Capital goods Intermediate goodsConsumption goods Services
New Zealand Economic Chart Pack – September 2010 Page 11
Labour Market Unemployment & Participation Rate
Source: Statistics New Zealand
Labour Productivity (GDP divided by hours worked)
Source: Statistics New Zealand, The Treasury
Employment Intentions
Source: NZIER, National Bank
Employment & Labour Force Growth
Source: Statistics New Zealand
International Migration
Source: Statistics New Zealand
Wage Growth
Source: Statistics New Zealand
10090807060504030201009998979695
8
7
6
5
4
3 69
68
67
66
65
64% (s.a.) % (s.a.)
Unemployment rate Participation rate (RHS inverse)
10090807060504030201009998979695
4
2
0
-2
-4
4
2
0
-2
-4
% %
Annual average % change Quarterly % change (s.a.)
10090807060504030201009998979695
30
20
10
0
-10
-20
-30
-40
30
20
10
0
-10
-20
-30
-40
Net % Net %
QSBO NBBO
10090807060504030201009998979695
5
4
3
2
1
0
-1
-2
5
4
3
2
1
0
-1
-2
Annual average % change Annual average % change
Employment growth Labour force growth
10090807060504030201009998979695
10
8
6
4
2
0
-2
-4
10
8
6
4
2
0
-2
-4
000s per month (s.a.) 000s per month (s.a.)
Permanent & long term arrivals Permanent & long term departuresNet permanent & long term migration
10090807060504030201009998979695
6
5
4
3
2
1
6
5
4
3
2
1
Annual % change Annual % change
LCI salary & wage rates (non-adjusted)QES - average hourly earningsLCI salary & wage rates (adjusted)
New Zealand Economic Chart Pack – September 2010 Page 12
Housing Market Real Residential Investment Growth
Source: Statistics New Zealand
House Sales & Building Consents
Source: Statistics New Zealand, REINZ
Affordability (based on REINZ median house price)
Source: Statistics New Zealand, RBNZ, REINZ, The Treasury
House Prices
Source: REINZ, QV
House Sales & Days to Sell
Source: REINZ
Migration & House Prices
Source: Statistics New Zealand, REINZ
10090807060504030201009998979695
30
20
10
0
-10
-20
-30
30
20
10
0
-10
-20
-30
% %
Annual average % change Quarterly % change (s.a.)
10090807060504030201009998979695
12
10
8
6
4
2
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
000s per month (s.a.) 000s per month (s.a.)
REINZ - dwelling sales Building consents - dwellings (RHS)
10090807060504030201009998979695
60
50
40
30
20
9
8
7
6
5
4
% of gross annual income x Gross annual income
* Based on 2yr fixed rate & 20% deposit on median house price
Average mortgage payment (including principal) *Median house price to income (RHS)
10090807060504030201009998979695
25
20
15
10
5
0
-5
-10
-15
25
20
15
10
5
0
-5
-10
-15
Annual % change Annual % change
REINZ - house price index QV house price index
10090807060504030201009998979695
12
10
8
6
4
2 60
50
40
30
20000s per month (s.a.) Days (s.a.)
REINZ - dwelling sales REINZ - median days to sell (RHS inverse)
10090807060504030201009998979695
50
40
30
20
10
0
-10
-20
25
20
15
10
5
0
-5
-10
-15
Annual net migration (000s) Annual % change
Net permanent & long term migration REINZ house price index (RHS)
New Zealand Economic Chart Pack – September 2010 Page 13
Financial Market Wholesale Interest Rates
Source: RBNZ
Trade Weighted Exchange Rate Index
Source: RBNZ, IMF
Long Term Interest Rate Differentials
Source: RBNZ, Datastream
Retail Mortgage Rates
Source: RBNZ
Equity Market Indices
Source: Datastream
Exchange Rates
Source: RBNZ
10090807060504030201009998979695
12
10
8
6
4
2
12
10
8
6
4
2
% %
Official cash rate (OCR) 90 day bank bill yield10 year government bond yield
10090807060504030201009998979695
80
75
70
65
60
55
50
45
110
100
90
80
70
60
Index (June 1979 = 100) Index (June 2000 = 100)
Nominal TWI Real TWI (RHS)
10090807060504030201009998979695
300
200
100
0
-100
-200
-300
300
200
100
0
-100
-200
-300
Basis points Basis points
New Zealand / United States New Zealand / Australia
10090807060504030201009998979695
12
11
10
9
8
7
6
5
12
11
10
9
8
7
6
5
% %
First mortgage floating rate First mortgage 2 year fixed rate
10090807060504030201009998979695
400
300
200
100
0
400
300
200
100
0
Index (Jan 1995 =100) Index (Jan 1995 =100)
NZ (NZX50 index) UK (FTSE 100)US (S&P 500) Australia (All Ordinaries)Japan (Nikkei) Germany (DAX 30)
10090807060504030201009998979695
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.95
0.90
0.85
0.80
0.75
0.70
NZD / USD NZD / AUD
NZD / USD NZD / AUD (RHS)
New Zealand Economic Chart Pack – September 2010 Page 14
Indicators of Productive Capacity Output Gap
Source: The Treasury
Capacity Utilisation
Source: NZIER
Resource Pressures
Source: NZIER
Capacity Utilisation
Source: NZIER
Demand Pressures
Source: NZIER
Difficulty Finding Labour
Source: Statistics New Zealand, NZIER
10090807060504030201009998979695
8
6
4
2
0
-2
-4
8
6
4
2
0
-2
-4
% %
HP filter MV filterKalman filter
10090807060504030201009998979695
96
94
92
90
88
86
84
82
96
94
92
90
88
86
84
82
% %
Exporters Non-exporters
10090807060504030201009998979695
30
25
20
15
10
5
0
30
25
20
15
10
5
0
% %
Labour as a limiting factor Capacity as a limiting factorFinance as a limiting factor
10090807060504030201009998979695
96
94
92
90
88
86
84
96
94
92
90
88
86
84
% %
Builders ManufacturersEconomy wide
10090807060504030201009998979695
90
80
70
60
50
40
90
80
70
60
50
40
% %
Sales as a limiting factor
10090807060504030201009998979695
90
45
0
-45
-90
10
8
6
4
2
Net % % (s.a.)
More difficult
Less difficult
Difficulty finding skilled labour Difficulty finding unskilled labourUnemployment rate (RHS)
New Zealand Economic Chart Pack – September 2010 Page 15
Balance Sheet Household Assets & Liabilities
Source: RBNZ, The Treasury
Household Debt to Asset Ratios
Source: RBNZ, The Treasury
Net Foreign Assets
Source: Statistics New Zealand, The Treasury
Household Debt & Servicing
Source: RBNZ, The Treasury
Household Equity
Source: RBNZ, The Treasury
Credit Growth
Source: RBNZ
0908070605040302010099989796
30
25
20
15
10
5
0
30
25
20
15
10
5
0
% %
Housing loan to value ratio Other debt to financial asset ratioTotal debt to asset ratio
0908070605040302010099989796
700
600
500
400
300
200
100
0
700
600
500
400
300
200
100
0
% of disposable income % of disposable income
Housing wealth Financial liabilitiesFinancial assets Net worth
10090807060504030201009998979695
-70
-75
-80
-85
-90
-95
-70
-75
-80
-85
-90
-95
% of GDP % of GDP
* Figures prior to June 2000 qtr interpolated from annual series
Net international asset position *
10090807060504030201009998979695
16
14
12
10
8
6
160
140
120
100
80
60
% % of disposable income
Effective interest rate Debt servicingHousehold debt (RHS)
0908070605040302010099989796
700
600
500
400
300
200
100
700
600
500
400
300
200
100
% of disposable income % of disposable income
Housing equity Financial equityTotal net worth
1009080706050403020100
25
20
15
10
5
0
-5
-10
-15
25
20
15
10
5
0
-5
-10
-15
Annual % change Annual % change
Households Agriculture Business
New Zealand Economic Chart Pack – September 2010 Page 16
Sectoral Saving Net Household Saving (March years)
Source: Statistics New Zealand, The Treasury
Net General Government Saving (March years)
Source: Statistics New Zealand, The Treasury
Gross Saving & Investment Flows
4 quarter running total
Source: Statistics New Zealand
Net Business Saving (March years)
Source: The Treasury
Net National Saving (March years)
Source: Statistics New Zealand, The Treasury
090705030199979593918987
10
5
0
-5
-10
10
5
0
-5
-10
% of GDP % of GDP
Net household saving
090705030199979593918987
8
6
4
2
0
-2
-4
-6
-8
8
6
4
2
0
-2
-4
-6
-8
% of GDP % of GDP
Net public saving
090705030199979593918987
30
20
10
0
-10
-20
30
20
10
0
-10
-20
% of GDP % of GDP
Gross national saving Gross investmentCurrent account balance
090705030199979593918987
8
6
4
2
0
-2
-4
-6
-8
8
6
4
2
0
-2
-4
-6
-8
% of GDP % of GDP
Net business saving
090705030199979593918987
8
6
4
2
0
-2
-4
-6
-8
8
6
4
2
0
-2
-4
-6
-8
% of GDP % of GDP
Net national saving
New Zealand Economic Chart Pack – September 2010 Page 17
Ratios to GDP Private Consumption
Source: Statistics New Zealand
Residential Investment
Source: Statistics New Zealand
Nominal Imports & Exports
Source: Statistics New Zealand
Public Consumption
Source: Statistics New Zealand
Other Investment
Source: Statistics New Zealand
Real Imports & Exports
Source: Statistics New Zealand
100908070605040302010099989796959493929190898887
64
63
62
61
60
59
58
57
64
63
62
61
60
59
58
57
% of GDP % of GDP
Nominal Real
100908070605040302010099989796959493929190898887
8
7
6
5
4
3
8
7
6
5
4
3
% of GDP % of GDP
Nominal Real
100908070605040302010099989796959493929190898887
45
40
35
30
25
20
45
40
35
30
25
20
% of GDP % of GDP
Exports Imports
100908070605040302010099989796959493929190898887
21
20
19
18
17
16
21
20
19
18
17
16
% of GDP % of GDP
Nominal Real
100908070605040302010099989796959493929190898887
24
22
20
18
16
14
12
10
24
22
20
18
16
14
12
10
% of GDP % of GDP
Nominal Real
100908070605040302010099989796959493929190898887
45
40
35
30
25
20
45
40
35
30
25
20
% of GDP % of GDP
Imports Exports
New Zealand Economic Chart Pack – September 2010 Page 18
Miscellaneous Lake Storage Levels
Source: M-co, NZX
Electricity Generation
Source: Statistics New Zealand, Ministry of Economic Development
Trading Partner Growth
Source: IMF, Consensus Economics
Southern Oscillation Index
Source: www.longpaddock.qld.gov.au
Electricity Price
Source: M-co
Purchasing Managers Index
Source: Bloomberg, Markit Group Ltd
10090807060504030201009998979695
5000
4000
3000
2000
1000
5000
4000
3000
2000
1000
GWh GWh
Month ended storage (3 month moving average)
10090807060504030201009998979695
3000
2500
2000
1500
1000
500
0
3000
2500
2000
1500
1000
500
0
GWh GWh
Hydro electricity generationThermal electricity generation
1413121110090807060504030201009998979695
5
4
3
2
1
0
-1
-2
-3
5
4
3
2
1
0
-1
-2
-3
% %
Forecast
Annual average % change Forecast date
10090807060504030201009998979695
30
20
10
0
-10
-20
-30
-40
30
20
10
0
-10
-20
-30
-40
Index Index
La Nina
El Nino
Southern Oscillation Index
10090807060504030201009998979695
350
300
250
200
150
100
50
0
-50
350
300
250
200
150
100
50
0
-50
$/MWh $/MWh
Average monthly electricity price
1009080706050403
65
60
55
50
45
40
35
30
25
65
60
55
50
45
40
35
30
25
Index Index
UK Japan USChina Euro Area AUS
New Zealand Economic Chart Pack – September 2010 Page 19
International Real GDP Growth
Source: Statistics New Zealand, Datastream
Official Interest Rates As at 29 September 2010
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
%
Source: RBNZ, Datastream
Unemployment Rate
Source: Statistics New Zealand, Datastream
CPI Inflation
Source: Statistics New Zealand, Datastream
Short term Interest Rates
Source: RBNZ, Datastream
Current Account
Source: Statistics New Zealand, Datastream
10090807060504030201009998979695
6
4
2
0
-2
-4
-6
-8
6
4
2
0
-2
-4
-6
-8
Annual average % change Annual average % change
Australia United States JapanUnited Kingdom Euro area New Zealand
10090807060504030201009998979695
12
10
8
6
4
2
12
10
8
6
4
2
% (s.a.) % (s.a.)
Australia United States JapanUnited Kingdom Euro area New Zealand
10090807060504030201009998979695
8
6
4
2
0
-2
-4
8
6
4
2
0
-2
-4
Annual % change Annual % change
Australia United States JapanUnited Kingdom Euro area New Zealand
10090807060504030201009998979695
12
10
8
6
4
2
0
-2
12
10
8
6
4
2
0
-2
% %
Australia United States JapanUnited Kingdom Euro area New Zealand
10090807060504030201009998979695
6
4
2
0
-2
-4
-6
-8
-10
6
4
2
0
-2
-4
-6
-8
-10
% of GDP % of GDP
Australia United States JapanUnited Kingdom Euro area New Zealand
New Zealand Economic Chart Pack – September 2010 Page 20
Glossary
CPI Consumers Price Index
GDP Gross Domestic Product
LCI Labour Cost Index
NBBO National Bank Business Outlook
NZIER New Zealand Institute of Economic Research
OBEGAL Operating Balance Before Gains and Losses
OTI Overseas Trade Index
QES Quarterly Employment Survey
QSBO Quarterly Survey of Business Opinion
QV Quotable Value Ltd
RBNZ Reserve Bank of New Zealand
REINZ Real Estate Institute of New Zealand
S.A. Seasonally Adjusted
SNA System of National Accounts
