New Zealand’s gross domestic product (GDP) fell 0.3 percent in the September 2023 quarter, following a revised 0.5 percent increase in the June 2023 quarter, according to figures released by Stats NZ this week.
“All goods producing industries were down this quarter, led by a fall in manufacturing,” national accounts industry and production senior manager Ruvani Ratnayake said.
The fall in manufacturing was driven by petroleum, chemical, plastic, and rubber manufacturing; and food and beverage manufacturing.
“The transport, postal, and warehousing industry also fell, and this was primarily due to a decline in freight logistics, with fewer goods being exported in the quarter,” Ratnayake said.
Despite the overall fall in GDP, 8 of the 11 service industries grew this quarter. The strongest rises were seen in healthcare and social assistance; and rental, hiring, and real estate services.
The expenditure measure of GDP fell 0.7 percent in the September 2023 quarter.
Household spending was down 0.6 percent this quarter. All categories fell, led by falls in durable goods. This was driven by reduced spending on motor vehicles, following higher spending in the June 2023 quarter. These movements were likely connected to changes in fees and rebates applied to motor vehicles, which were introduced on 1 July.
Transport equipment investment saw similar falls, contributing to a decline in investment expenditure.
Exports fell this quarter, with lower volumes of goods including food; fuel; and agriculture, fishing, and forestry products. This was partly offset by a rise in exports of services such as travel services.
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