New Zealand’s major economic centre, Auckland, has passed the $100bn mark for the first time, according to new figures released by Stats NZ.
Between March 2016 and 2017, the city’s economy was worth NZ$101.4bn, an increase of 6.3% on the previous year’s $95.3bn.
The increase was driven by strong rises in the rental, hiring, and real estate services; construction; and finance and insurance services industries.
Despite the record-breaking figure, the 2017 increase is actually smaller than last year’s, when Auckland’s regional economy rose 7.8%.
New Zealand’s GDP is heavily dependent on Auckland, which accounts for 37.5% of the nation’s income.
Over the past five years the city’s GDP has risen by 34.6%, with GDP per person hitting $61,924.
All 15 regional economies in New Zealand recorded increases in nominal GDP for the year ended March 2017. The Bay of Plenty’s economy rose by 9.0%, followed by Northland and Waikato (both 8.2%), Southland (7.9%), and Otago (7.1%). The national average was 6.2%.
Stats NZ National Accounts Senior Manager Gary Dunnet said: “Agriculture played a significant role in many regions, reflecting the large rise in the milk price payable to dairy farmers in 2017.”