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New Zealand: GDP growth rebounds to 0.2% in the first quarter from 0.0%

New Zealand’s Gross Domestic Product (GDP) growth recovered to 0.2% quarter-on-quarter during the first quarter of 2024, recovering ground from the flat 0.0% in the previous quarter. Although New Zealand’s domestic economy improved in the first quarter, Stats NZ noted that GDP per capita still declined by -0.3% over the same period.

Stats NZ also noted that despite the short-term rebound in GDP growth, New Zealand’s GDP only managed a meager 0.2% year-on-year impression for the year ending March 2024, compared to the period previous annual ending March 2023.

Stats NZ noted that New Zealand’s first quarter GDP growth came entirely from Primary Services, with sharp declines in the Goods Production sector.

Source: Fx Street

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