Enterprise survey shows business profits rise 42pc

New Zealand was a more profitable place to do business last year, the pretax profit for all industries rising 42 per cent to $42.4 billion.

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

The 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 last year.

Total purchases and other expenses increased by slightly less, up 5.3 per cent to $11.9 billion.

The pre-tax profit of the property and business services sector was up 42 per cent at $7.1 billion.

Manufacturing was the third-most profitable sector, with an operating profit of $6.2 billion, up 42 per cent; followed by agriculture, forestry and fishing ($4 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).

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

- NZPA