WELLINGTON, March 5 (Reuters) - New Zealand seasonally adjusted wholesale sales rose 1.9 percent in the fourth quarter, led by vehicle and fuel sales, rising for the first time in six quarters.
In the third quarter wholesale sales fell a revised 0.7 percent.
Statistics New Zealand said on Friday the overall picture across the 16 wholesale trade industries was mixed, with seven industries increasing and nine falling during the quarter.
The rise was led by a 10.9 percent gain in vehicle sales, the biggest rise in more than seven years, with solid rises also for fuel, builders' supplies, and primary product food wholesaling.
The biggest fall was in unclassified machinery and equipment, which was down 9.7 percent.
The value of sales in the fourth quarter was NZ$20.6 billion, ($14.1 billion) a rebound from the near-three year low touched in the previous quarter, and the strongest showing in a year.
The level of wholesale stocks eased a seasonally adjusted 0.1 percent. It followed a fall of 5.1 percent in the previous quarter.
The survey monitors the level of activity in the wholesale trade sector, which supplies retailers.
New Zealand has posted two quarters of anaemic growth since emerging from its longest recession in more than 30 years in the second quarter last year. It is expected to post growth of around at least 0.5 percent in the third quarter.
The Reserve Bank of New Zealand (RBNZ) has held its key interest rate at a record low of 2.5 percent since June last year and has said repeatedly that it expects to keep it there at least until the middle of the year.
Analysts surveyed by Reuters are unanimous in picking the RBNZ will leave the rate unchanged at the next review on March 11. See
($1=NZ$1.46)
((Wellington newsroom tel +64 4 471-4234, fax +64 4 473-6212
wellington.newsroom@reuters.com)) Keywords: NEWZEALAND ECONOMY/WHOLESALE (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
In the third quarter wholesale sales fell a revised 0.7 percent.
Statistics New Zealand said on Friday the overall picture across the 16 wholesale trade industries was mixed, with seven industries increasing and nine falling during the quarter.
The rise was led by a 10.9 percent gain in vehicle sales, the biggest rise in more than seven years, with solid rises also for fuel, builders' supplies, and primary product food wholesaling.
The biggest fall was in unclassified machinery and equipment, which was down 9.7 percent.
The value of sales in the fourth quarter was NZ$20.6 billion, ($14.1 billion) a rebound from the near-three year low touched in the previous quarter, and the strongest showing in a year.
The level of wholesale stocks eased a seasonally adjusted 0.1 percent. It followed a fall of 5.1 percent in the previous quarter.
The survey monitors the level of activity in the wholesale trade sector, which supplies retailers.
New Zealand has posted two quarters of anaemic growth since emerging from its longest recession in more than 30 years in the second quarter last year. It is expected to post growth of around at least 0.5 percent in the third quarter.
The Reserve Bank of New Zealand (RBNZ) has held its key interest rate at a record low of 2.5 percent since June last year and has said repeatedly that it expects to keep it there at least until the middle of the year.
Analysts surveyed by Reuters are unanimous in picking the RBNZ will leave the rate unchanged at the next review on March 11. See
($1=NZ$1.46)
((Wellington newsroom tel +64 4 471-4234, fax +64 4 473-6212
wellington.newsroom@reuters.com)) Keywords: NEWZEALAND ECONOMY/WHOLESALE (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.