New Zealand’s gross domestic product (GDP) fell 1.0 percent in the September 2024 quarter, following a revised 1.1 percent decrease in the June 2024 quarter, according to figures released by Stats NZ today.
The update to the June 2024 quarter growth rate reflects the incorporation of annual data, a process completed by Stats NZ each October. In this instance, while the June quarter growth rate has been revised downward, the overall level of economic activity has been revised upward over a longer period.
“The structure of the New Zealand economy can change quickly, which is why we update with new data each year,” macroeconomic growth spokesperson Jason Attewell said.
“The data incorporated this year shows stronger growth over the last year, followed by two significant falls in the latest quarters.
“We balance the use of timely data for quarterly GDP estimates with more detailed information to annually update the relevant importance of industries. This approach is in line with international best practice.”
During the September 2024 quarter, activity declined in 11 of the 16 industries that make up the production measure of GDP, with the largest falls in manufacturing, business services, and construction. Goods-producing and service industries fell, while primary industries increased.
“The largest decline was in the manufacturing industry, with all but one of the sub-industries showing lower output this quarter,” Attewell said.
Some industries did see rises, led by rental, hiring, and real estate services, and agriculture.
“The rise in agriculture this quarter was driven by dairy farming. We also saw a rise in exports of milk powder, butter, and cheese,” Attewell said.
GDP per capita fell 1.2 percent during the September 2024 quarter. This was the eighth consecutive fall in the series.
The expenditure measure of GDP fell 0.8 percent during the September 2024 quarter, following a revised 0.8 percent fall in the June 2024 quarter.
Household consumption expenditure fell 0.3 percent this quarter, driven by a fall in household essentials such as grocery food and electricity. Spending increased on durable goods such as motor vehicles and audio-visual equipment and phones.
