Wholesale trade sales jump in June quarter
The latest economic indicator released by Statistics New Zealand is further evidence the economy achieved "moderate growth" in the three months to June, ASB chief economist Nick Tuffley says.
Statistics New Zealand said wholesale trade sales rose a seasonally adjusted 1.8 per cent during the quarter, following a 0.2 per cent decline in the economic indicator in the March quarter.
The trend for wholesale trade sales had generally been rising since the September 2009 quarter, Statistics NZ said.
Tuffley said the indicator tended to be a bit volatile but the latest figure was consistent with the bank's forecast that the economy grew by 0.6 per cent in the June quarter.
"At face value, the wholesale sector should be contributing positively to that second-quarter [GDP] figure," Tuffley said.
Statistics NZ business indications manager Neil Kelly said all six wholesale industries the department tracked showed an increase in trading volumes in the June quarter.
The grocery, liquor and tobacco sector and the machinery and equipment sector were the standouts, showing seasonally adjusted increases of 2.6 per cent and 3.2 per cent respectively.
In unadjusted terms, the value of total wholesale trade sales was $21.9 billion, up 5.9 per cent on the same quarter in 2013.