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Economic activity falls 0.1 percent in the March 2023 quarter

GDP news

Gross domestic product (GDP) fell 0.1 percent in the March 2023 quarter, following a 0.7 percent fall in the December 2022 quarter, according to quarterly figures released by Stats NZ today.

“The December 2022 and March 2023 quarter declines follow growth in the June and September 2022 quarters,” economic and environmental insights general manager Jason Attewell said.

There were a range of results at industry level in the March 2023 quarter, with just over half of industries declining in the quarter. Business services was the biggest downwards driver, down 3.5 percent. This was partly offset by a 2.7 percent increase in information media and telecommunications this quarter.

“Management consulting, advertising, scientific, and engineering design services drove the fall in business services,” Attewell said.

The March 2023 quarter included the initial impacts of Cyclones Hale and Gabrielle and teachers’ strikes.

“The adverse weather events caused by the cyclones contributed to falls in horticulture and transport support services, as well as disrupted education services.”

“Fewer teaching days led to falls in primary and secondary education services,” Attewell said.

The expenditure measure of GDP fell 0.2 percent this quarter. This decline was driven by run downs in inventories held by businesses, and a fall in exports of services.

A 2.4 percent increase in household consumption expenditure and 2.0 percent growth in investment in fixed assets partially offset the falls.

The household expenditure growth was led by increased spending by New Zealanders on international travel. In contrast, households spent less on goods, particularly grocery food.

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Source:Stats NZ

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3 COMMENTS

  1. “A 2.4 percent increase in household consumption expenditure and 2.0 percent growth in investment in fixed assets partially offset the falls.” Why doesn’t STATS hide the elephant in the room: INFLATION!

    “The household expenditure growth was led by increased spending by New Zealanders on international travel…” no surprise after the end of comrade Ardern’s prison state…” In contrast, households spent less on goods, particularly grocery food.” …because the serfs DON’T HAVE THE MONEY…DUH!
    STATS NZ…just another propaganda white-wash agency of this commie government,,,err, sorry…commie parliament.

  2. How much did the fake pandemic cost us in lockstep for a virus that has never been proven to exist some fallout incalculable being death misery and destruction caused through fake vaccines propaganda and lies?
    Would NZ have been in a better position to weather the impending storm the realization of the severity of a global economic collapse not yet hit home?
    It’s not rocket science
    Accolades are in order
    A Dame and a Sir
    Or was that two Sirs?

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