Boosted by construction and property operation, Bay of Plenty and Tasman/Nelson had the largest regional gross domestic product (GDP) increases in the year to March 2020, both rising 6.1 percent, Stats NZ said today.
Auckland's regional GDP increase was the third largest at 5.9 percent, followed by Wellington with 5.8 percent. Auckland is by far New Zealand's largest regional economy, contributing 37.9 percent of national GDP.
The West Coast, a significant coal-mining region, remains the smallest regional economy, contributing 0.6 percent of national GDP. It was also the only region of 15 to experience a decline in regional GDP (-1.4 percent).
Increases or falls in regional GDP are in nominal terms, meaning that they include the effect of price changes as well as changes in the volume of activity.
"Both Bay of Plenty and Tasman/Nelson's rises reflected increases in construction and owner-occupied property operation. These were the top two drivers in both regions," said National Accounts senior manager Paul Pascoe. Owner-occupied property operation represents the economic services that a house-owner gets from living in their house, equivalent to a tenant renting a house.
"Construction was an important driver of GDP in most regions. We've also seen construction's share of the national economy climbing over recent years," Mr Pascoe said.
"Taranaki takes the top GDP per capita position in 2020, increasing to $76,715, ahead of Wellington with $74,785. GDP per capita relates a region's GDP - its value-added production - to the number of people in the region. The last time Wellington had the highest economic output per person was in 2017," Mr Pascoe said.
Taranaki and Wellington typically have the highest GDP per capita in New Zealand.
Key industries in Taranaki are mining (particularly oil and gas extraction), and manufacturing (including dairy and other agricultural processing). In contrast, Wellington's largest industries include professional groups, central government administration, and the financial and insurance services industries.
The national average GDP per capita was $64,079 in 2020, a rise of 3.2 percent on 2019's figure.
See our web app Which industries contributed to your region's GDP? to visualise and compare the industry composition of regions' GDPs.
This release covers the period largely before COVID-19 travel and business restrictions were first imposed in March 2020.
Stats NZ is the official producer of regional GDP statistics.
Datainfo+ explains regional GDP methodology.
