The Magazine for Asian Investors
The New Zealand Bureau of Statistics reported that gross domestic product (GDP) increased by 1.7% in the second quarter of 2012, indicating a recovery in the economy after GDP contracted by 0.2% in the first quarter.
New Zealand GDP in the second quarter was boosted by a recovery in the service sector. The service sector accounts for up to two-thirds of the New Zealand economy.
The senior manager for industry and manufacturing at the National Bureau of Statistics New Zealand said that in the second quarter of this year, households and foreign tourists increased their spending on travel and accommodation, restaurants, sports, and leisure activities.
The increase in foreign tourist spending in 2Q22 was due to the relaxation of travel restrictions by the New Zealand government.
New Zealand reopened its borders to foreign tourists on August 1, the first full reopening of borders since the coronavirus outbreak.
The government allows visa-required tourists and student visa holders to return to New Zealand, and foreign cruise ships and yachts are allowed to dock in New Zealand ports.