15 May 2012

Economy increased at slower rate, revised figures show

1:31 pm on 15 May 2012

Revisions to official economic growth data show the economy increased at a slower rate last year than first thought.

The revisions by Statistics New Zealand show Gross Domestic Product (GDP) increased by 1.1% in 2011, compared to the previously published 1.4% increase.

But the level of economic output at the end of last year was $1 billion more because the government statistician has also revised up the 2010 growth rate to 1.5%.

The revisions are due to changes to the way Statistics New Zealand collects and analyses data.