The first ever regional gross domestic product estimates produced by Statistics New Zealand (SNZ) emphasise yet again how big Auckland's economy is compared with the rest of the country.
The figures published today put Auckland's GDP in 2003 at $47.7 billion, 36.5 per cent of the national total
of $131 billion. Wellington was second at 14.8 per cent, then Canterbury with 11.5 per cent and Waikato with 8.1 per cent.
SNZ estimated current price regional GDP for 2000 to 2003 to determine the feasibility of continuing to produce such figures, and whether they could be produced to an acceptable standard using existing data sources.
The estimates produced were considered to be of an acceptable quality, but areas were also identified where quality improvements could be made.
A more detailed report was due out early next year, but a decision on whether to produce the figures regularly would be made by the Government.
The report found that many of the smaller regions, especially the less diversified ones, could be highly affected by short term events such as exchange rate changes and climatic conditions, SNZ said.
Agriculture was the second or third largest industry in eight regions, and the largest in Gisborne and Southland, while Auckland and Wellington were the only places where it was a minor industry.
During the period covered in the report agriculture had been quite volatile. A decline in 2003 was largely due to dairy farming, as marked falls in milk prices affected the main milk-producing regions.
A drought in the lower western North Island had also affected milk production in Taranaki and Manawatu-Wanganui.
In years such as 2003 when agriculture movement had a large increase or decrease it could have a large effect on regional growth, SNZ said.
Between 2002 and 2003 GDP dropped in Waikato, Taranaki, Northland, Southland and West Coast.
A much longer time series than that in the report would be needed before any conclusions could be reached about which regions were growing fast and which slowly, SNZ said.
The project was underpinned by the view that enhanced regional economic data were pivotal to regional development policy.
- NZPA
