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New Zealand GDP grows 0.2% qoq, pulls out of recession despite per capita decline

New Zealand’s GDP grew by 0.2% qoq in Q1, surpassing the expected 0.1% growth and pulling the economy out of a technical recession following consecutive declines in the last half of 2023. On an annual basis, GDP growth was also 0.2% yoy. The primary industries experienced a modest growth of 0.2% qoq, while goods-producing industries contracted by -1.3% qoq, and services industries saw a slight decline of -0.1% qoq.

Despite the overall GDP growth, GDP per capita fell by -0.3% qoq, marking the sixth consecutive quarterly decline, with an annual decrease of -2.4% yoy. This indicates that while the economy as a whole is recovering, the average economic output per person continues to decline.

“There were a range of results at industry level, with 8 of the 16 industries rising this quarter,” noted Ruvani Ratnayake, senior manager of national accounts industry and production. This mixed performance across different sectors highlights the uneven nature of the economic recovery.


Full NZ GDP release here.

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