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NZPA

Dairy industry drives agriculture surplus

Friday October 2, 01:36 PM

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The surplus before income tax for the agriculture, forestry and fishing sector of the economy rose 127.6 percent in the 2008 financial year, driven by dairy farming, new figures show.

Statistics New Zealand's (SNZ) annual enterprise survey, published today, showed the sector surplus rose to a provisional $2.8 billion from $1.2b the previous financial year.

Total income for the sector lifted 20.1 percent to $30.4b, while total spending grew 14.5 percent to $27.7b.

For just dairy farming, the surplus before income tax rose $1.6b, with sales of goods and services up $4.1b or 58.3 percent leading to a $4.4b rise in total income. Dairy farming spending rose by $2.8b or 38.7 percent.

The strong sales growth was driven by increasing dairy prices in the 2008 financial year, SNZ said.

Total income for all industries for the 2008 financial year rose 7.1 percent from the previous year to $560.8b, with total spending up 10.6 percent to $513.3b. The overall pre-tax surplus fell 18.3 percent to $53.5b.

SNZ said the annual enterprise survey was the most comprehensive source of financial statistics about financial groups operating in this country.

The industries covered in the survey contributed about 90 percent of New Zealand's gross domestic product. The results were presented for a nominal March year but the data was collected from businesses with balance dates between October 2007 and September 2008, SNZ said.

According to the survey, salaries and wages paid to employees across all industries rose 8.7 percent to $78.6b, a bigger rise than the 6.8 percent lift in the 2007 financial year. The total value of fixed assets grew by 10.1 percent to $455.7b.

The wholesale trade sector recorded the strongest rise in total income, up $6.3b or 9.3 percent, while agriculture was second, and manufacturing third with a rise of 5.6 percent or $4.8b.

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