» GDP

GDP

GDP (gross domestic product) is defined as the monetary value of all the goods and services produced by an economy over a specified period. It includes consumption, government purchases, investments, and exports minus imports. In practice GPD is equal to the sum of wages, salaries, profits and operating surplus arising from all economic activity in the industry and/or region (BERL).

BERL has been monitoring Central Otago’s GDP for over 22 years. Primary (including agriculture, horticulture and viticulture), Business Services, Construction and Social Services are the sectors that make the biggest contributions to the Central Otago economy.

The year to March 2015 was another good one for the Central Otago district. GDP increased by 8.4 percent, GDP per capita increased by 6.4 per cent and Employment increased by 7.7 per cent.

In the ten years since 2005 the GDP of the district has increased from $917 million to $1,243 million, a real increase of 36%. In this time the local economy has outperformed the national economy and also that of the Otago region.

Key performance indicators, Central Otago District, 2015 Key Performance Indicators %pa for 2015 year Central Otago District Otago Region New Zealand Resident population growth 1.9 1.6 1.9 GDP growth 8.4 3.9 3.2 GDP per capita growth 6.4 2.3 1.2 Employment growth 7.7 3.2 2.3 Labour productivity growth 1.3 1.2 1.2 Business units growth 2.7 2.7 2.7 Business size growth 4.9 0.4 -0.5 Source: BERL Regional Database, 2015	Key performance indicators, Central Otago District, 2005-2015 Key Performance Indicators %pa for 2005-2015 Central Otago District Otago Region New Zealand Resident population growth 1.4 0.8 1.0 GDP growth 3.1 1.5 1.9 GDP per capita growth 1.7 0.6 0.9 Employment growth 2.6 1.1 1.3 Labour productivity growth 0.6 0.4 0.6 Business units growth 1.9 1.7 1.2 Business size growth 0.7 -0.6 0.0 Source: BERL Regional Database, 2015

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