New Zealand GDP dropped -1.0% qoq in Q4, much worse than expectation of 0.1% qoq. Goods-producing industries dropped -3.2% qoq. Services industries rose a mere 0.1% qoq. Primary industries dropped -0.6% qoq. GDP per capital dropped -1.2% qoq. Over the year to December 2020, annual GDP declined -2.9%.
“Activity in the December quarter shows a mixed picture – some industries are down, but others have held up or risen, despite the ongoing impact of COVID,” national accounts senior manager Paul Pascoe said. At the industry level 7 out of 16 industries declined. The two largest contributors to the drop were construction, and retail trade and accommodation.
