Gross domestic product (GDP) fell 0.6 percent in the December 2022 quarter, following a 1.7 percent rise in the September 2022 quarter, according to quarterly figures released by Stats NZ today.
Nine of 16 industries experienced a decrease in activity compared with the September 2022 quarter.
Manufacturing was the biggest driver of the decrease, down 1.9 percent.
“A fall in transport equipment, machinery, and equipment manufacturing corresponded to lower investment in plant, machinery, and equipment; while reduced output in food, beverage, and tobacco manufacturing was reflected in a drop in dairy and meat exports,” national accounts industry and production senior manager Ruvani Ratnayake said.
Well that’s good isn’t it. Didn’t the government and Orr tell us we weren’t allowed to spend any money now. Didn’t they raise interest rates forcing us , instead, to give our money straight to the Aussie banks. Wasn’t their aim to throw 1,000’s of people onto the scrap heap of unemployment. It seems that all we are waiting for now is the announcement of a big drop inthe rate of inflation.
Your right Orr actually said we needed to see 70000 out of work to see inflation go down . Never mind that productivity is well down due to lack of staff. In the height of tourism restaurants need to close to give staff a break . There are no voices in this Labour cabinet that know anything about running a business and it is starting to show as is the weak as leadership of Hipkins.