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The business financial data released today revealed actual sales values of 26 industries for the March 2021 quarter . The data comprises purchases, sales, wages and salaries as well as operating profit from most market industries in the NZ economy.
As per Stats NZ, sales of electricity, gas, water, and waste services were $5.3 billion in the March 2021 quarter, up 15% ($686 million) from the same period last year.
Electricity generation accounts for a major amount of this industry's revenues as goods and services like gas, water and waste services are difficult to measure due to their non-market nature.
Non-market services are those which are provided free or at prices which are not economically significant i.e., prices which will not significantly affect the amounts that producers are willing to supply or the amounts purchasers wish to pay.
Source: © Gynane | Megapixl.com
The boost in sales for electricity, gas, water, and waste services industries was driven by energy generation, which is heavily influenced by price fluctuations, according to business statistics manager Sue Chapman. A spike in hydroelectricity generating sales was seen, possibly due to reduced lake levels, Chapman added.
DO READ: What is New Zealand’s energy mix? How does it plan to reduce carbon footprint?
Stats NZ reported last month that the prices paid by electricity and gas suppliers had risen 28.7% in the March quarter. However, the prices they received only increased by 17.4%.
Wholesale prices of electricity generation were driven by lower lake levels in South Island and unanticipated drop in the output from the Pohokura gas field, which spiked the production costs.
The output price index for electricity and gas supply measures the price paid to the producers of power and gas supply. This index increased by 17% in the December quarter of 2020 and 21% in the March quarter of 2020.
Wholesale, manufacturing and construction sales rise
Wholesale trade sales increased 3.7% in the March quarter, recovering from a 1.7% drop in the previous quarter. Motor vehicles and motor vehicle parts industry (+18% on prior quarter) was the main driver of the wholesale trade sales for the March quarter.
Manufacturing sales also achieved a peak of $27 billion in the quarter, up 0.4% on the previous quarter. The most significant sales volume increases in the March quarter were in transportation, machinery, equipment manufacturing (+6.9%), as well as meat and dairy product production (+1.3%).
ALSO READ: Would the dairy stocks keep afloat post Canterbury flood situation?
Following the COVID-affected June quarter, when building work had been briefly halted, the construction industry continued to develop. When adjusted for seasonal influences, construction industry revenues increased by 6.4% in the March 2021 quarter compared to the prior quarter.
Transport and travel still remain affected
Transport and travel sectors still remain affected by COVID-19.
Transport, postal, and warehousing saw the biggest drop in yearly revenues, sliding 12% from the previous quarter to the March 2021 quarter. However, when seasonal impacts are taken into account, the industry saw 3.8% rise in the quarter compared to the previous quarter.
ALSO READ: What is seasonally adjusted economic data?
Administrative and support services saw the second-largest yearly revenue drop, down 21% from the March 2020 quarter. Travel agencies and tour planning services are part of this business.
(NOTE: Currency is reported in NZ Dollar unless stated otherwise)
