New Zealand’s economy shrank by 0.2 percent in the second quarter of 2024, as key sectors like retail, construction, and agriculture saw significant declines, according to data from Stats NZ.
Retail and wholesale trade have been on a downward trend since 2022, with declines of 1.3 percent this quarter. A 0.4 percent contraction in construction, combined with reduced forestry and logging, further hit agricultural output.
Sectors like information technology, manufacturing (driven by transport equipment), and healthcare experienced a slight growth. Household spending rose by 0.4 percent, largely due to food purchases, though there was less demand for big-ticket items.
The annual growth rate stands at -0.5 percent, with individual shares of the economy falling for the seventh consecutive quarter.
Real gross national disposable income dropped by 1.1 percent year-on-year.
Although revisions to previous data showed the economy had avoided a technical recession, economists were surprised by the scale of the slowdown, especially in May and June.
The Reserve Bank responded by cutting interest rates, with more reductions expected. New Zealand’s economic performance lags behind that of its major trading partners, and forecasts suggest minimal growth in the coming year.
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Yep, the CONVID pharma ponzy scheme did that…cheered on by almost all the mainstream party’s….including National and ACT…..
Made worse by yet more bad decisions and wasteful spending, that don’t benefit New Zealanders in the slightest……
Plus more taxes, to really rub salt into the wound……
Much thanks to our single source of tooth for this. Hope all the BlackRock money is keeping her warm at night
Where pensioners freeze
……….our single source of tooth………..
LOL, you owe me a coffee
Well she would appear to potentially benefit from the services of an equine orthodontist?
Interest rates have been too high for too long. Professionals and employees have voted with their feet and abandoned NZ for Australia. At the very least, they have the consumer volume to sustain profitable trade.
Not withstanding the government needs to get their books in order, they won’t be able to unless the citizens and business owners do first. Trading conditions are extremely uncomfortable across all areas from manufacturing, building, real estate and retail.
We now see the effects of over regulation that comes from not only central government and local government but industry regulators/authorities, higher court decisions and industry themselves who simply mandate costly procedures. They have to do this to avoid expensive and time-consuming activities rather than getting the job done.
My message to the government is to stop shitting around and start deregulating authorities, endless retraining sessions and forever pontificating claptrap.
Economy growth will only return when business can trade and consumers return.
Just talk to the industry leaders and ask them what needs to go and go urgently.
David Seymour and Winston Peters have a grasp on it. Sadly their co parter Chris Luxon is taking far too long or simply does not seem to get the concept that business needs to be locally and internationally viable to exist.
Happy to vote for seymour or peters. However Luxon is a globalist puppet sellout.
Jacindas lot committed economic sabotage on this country and they should all be in jail for what they have done to our country. National isn’t much better to be honest. I won’t ever vote for either of the two major parties ever again.
Rainbow Luxon is following the WEF/UNEP narrative, echoing Ardern. Essentially, what’s coming down the tracks (unless a majority of people awaken which seems nigh on impossible in a readily compliant, low wattage NZ) is definitively NOT life as one might believe one knows it.
“Trust is going in all state and semi state institutions. It is going at speed now and there is no stopping it. The fault lies entirely in these same institutions. Why it is happening no longer matters. No doubt books will be written and endless words spoken. It is the main marker of a civilisation falling apart. It cannot be reversed nor should it be. Learn to enjoy the ride down. Dave S.”
The same thing is happening here as in the US
People are loading up on credit cards just to keep food on the table
Just like why they were forced under duress to take the clot shots
Mandates that were never the law but a recommendation
Not safe
Not proven
Not necessary for the common cold
Car payments are usually the last to go into delinquency
As people need a car to get to work
The Ardern wrecking ball has done a lot of damage
Yes there is an impending world wide economic recession and monetary collapse
Or WW3 or greater regional conflicts or both
But the thing is
We would have been in a lot better position if not for the $64B ongoing spent on a virus that nobody can show us because it does not exist
Which is why the PCR Tests had to be ratcheted up and amplified to provide fake numbers to justify the lockdowns that have destroyed the economy
Heads should roll
But all are implicated complicit and in collusion
We are one
Let’s call this out for what the prelude really is; The Very Great Depression!
BUT-
This will be different, as when they attempt to replace cash currency with CBDC’s issued by the individual governments affected by the same, only those who have proper ‘Social Credit’ and who have accepted the CBDC value as being 1/4th the worth of their turned-in cash currency will be allowed to access the CBDC’s.
If you are NOT vaccinated, profiled as ‘Politically IN-Correct, non-accepting of the UBI fed by the CBDC’s, and are profiled as a ‘Person of Interest’ or ‘Potential Terrorist’,…or…a ‘Thought Crime Criminal’, then you will truly experience the Very Great Depression due to being denied services, food at the grocery store, petrol, etc.
“Oh well, we’ll grow our own food…” Really?
How will you buy seeds, fertiliser, etc. if you’re cut-off from doing so?
Want to call someone for help? Well,,,your phone will explode. (& this is why the U.S. Government was handing out cell phones to the illegal migrants under the guise of being called for their immigration hearing…)
$US30K in money given away to illegal migrants at the border? All of that came from the ‘Black Budget’…
Stand-by, because things are going to get really, REALLY nasty on a global scale.
Remember Les Visible’s analysis; “When the money goes south, the violence turns east!”
And indeed it has!
Outstanding comment!
Beware the man who has nothing to lose…….
One might add, beware the men and women with nothing left to lose; bread and circuses only go so far. And that applies particularly to the over-paid political class, the over-paid bureaucrats, and well-monied medical jabsters, BigPharma, BigCorp, BigGOV, BigMedia and all the many cling-ons …
The clutch of Davos-Man billionaires may well hide out in their bunkers, but they will surely come to discover what it means to be fair game to those millions with nothing left to lose.
One day the people will wake up to the fact that the whole ”Covid19′ masquerade was the trojan horse for the take over of the world by the NWO. Ask yourself what has the Covid19 event really done ? It has demoralised, sickened and lessened the population, crashed small businesses, making us buy from big corporations who have raised the price of everything in our lives. Its made housing unaffordable making us work ourselves into the ground looking for a way out. The ideal scenario for a easy takeover of a smaller stressed out more docile population. But you don’t have to worry the NWO have the way out all ready for you. Like a social points scoring system, CBDCs, vaccine and travel passports, 24 hour digital surveillance, facial recognition cameras everywhere, censored speech and censored every thing else. but you will have affordable housing in your 15 minute cell. Problem solution fit. They create the problem offer a solution and then fit you into it when they create no other alternative. You will own nothing but rest assured you will be very very unhappy, that’s a given. When and if that NWO plan ever comes to fruition, it will be way past midnight to turn back the clock. It will be way too fkn late, there will be no more freedom as we know it today. We the people must urgently start becoming much more aware of what unelected NGOs are developing and encroaching on and into Govts. around the world. Govts. are elected by the people for the people to serve the people. When they don’t serve the people anymore they must be removed. They must be held to account. Always remember, fighting tyranny is obedience to God.
The solution is very simple.
We just need to ‘invest’ in more cycle lanes and rainbow pedestrian crossings.
This is how building wealth and economic prosperity actually works.
Just ask our ‘transformational’ visionaries Chlöe Swarbrick and Tory Whanau.
Tory Whanau is a disgrace. She won over q million in lotto 20 years ago and has nothing to show for it. What did she spend her money on? Idiot. She should never be in charge of anything if she can’t even manage her own finances.
Chlöe Swarbrick and Tory Whanau….surely the definition of legends in their own minds?
Yup exactly. Retarded indoctrinated narcissistic communist fools sadly.
God help us all if they ever get close to the levers of power.
Yup. Unfortunately communism never works out too well.
And here it is for all to see.
Go woke go broke.
A dismal combination of ‘chickens coming home to roost’ and ‘turkeys voting for Christmas’.