NZ industries' profit up in last financial year

New Zealand was a more profitable place to do business last year, with the pre-tax surplus for all industries rising 42 per cent to $42.4 billion.

Statistics New Zealand said in its latest annual enterprise survey, covering the year to September 2002, that the most profitable industry remained the financial and insurance sector with an operating surplus of almost $12 billion.

The comprehensive survey covers the financial performance of industries comprising about 90 per cent of New Zealand's gross domestic product (GDP).

The sales of goods and services across all industries rose 6.8 per cent to $20.4 billion for the year ended September 2002. Total purchases and other expenses increased by slightly less, up 5.3 per cent to $11.9 billion.

For other industry groups, the property and business services sector's pre-tax surplus was up 42 per cent at $7.1 billion for the year to September 2002.

Manufacturing was the third-most profitable sector, with an operating surplus of $6.2 billion, up 42 per cent; followed by agriculture, forestry and fishing ($4.0 billion, up 24 per cent); retail trade ($2.3 billion, up 49 per cent); electricity, gas and water supply ($2.1 billion, up 20 per cent); and construction ($1.9 billion, up 19 per cent).

Industries excluded were residential property operators, religious organisations and private households employing staff.

During the period, the economy as measured by GDP grew 3.4 per cent, employment was up 2.8 per cent, and consumer spending rose 2.8 per cent.

The New Zealand dollar rose about 3 per cent for the year to June 2002.

- NZPA