The Statistics New Zealand report has stated that the growth rate of labor productivity is 2.5% a year between 1986 and 2008, while Australia's at 2.1% a year.
New Zealand's labor productivity increased at the rate of 3.2% a year and Australia's at 2% in a period from 1986 to 1996.
Multifactor productivity, the indexes of real GDP per combined unit of labor and capital grew by 1.4%.
Accommodation, cafes, and restaurants were the only industry in which labor productivity declined from the years 1978-2008.
Electricity, gas, and water supply increased by 4.4%, while transport and storage increased by 3.6% and finance and insurance sector grew by 3.4%.
Higher production rates of unsweetened whole milk powder and crude oil had pushed the exports of goods to a record high of $4.2 billion in May.
The value of exports had reached $238 million, which is 6% more than that of May last year. The third time exports have topped $4b, as stated by Statistics New Zealand.
The import item’s value reached $330m which is 10.8% more than $3.4b of previous year.
The trade balance of last month was in excess of $814m which is 19.4% of the value of exports, as compared to last year’s May trade surplus of 9.3%.
The annual trade balance for the year till May was in excess of $91m which is 0.2% of exports, as compared to average deficit of 10.5% of exports for the last year.
