GDP falls in latest quarter, New Zealand in technical recession
New Zealand is in a technical recession after the economy shrank two quarters in a row.
Gross Domestic Product (GDP) fell by 0.1 percent in the December 2023 quarter, official data found. This is the fourth quarter in the last five where the economy has contracted.
A recession despite record breaking immigration…
Net migration remains near record level
There was an annual net migration gain of 126,000 in the December 2023 year, according to provisional estimates released by Stats NZ today.
The net migration gain is the largest for a calendar year and compares with the provisional annual record of 134,400 in the October 2023 year.
“The net migration gain in 2023 is similar to the population of the Taranaki region,” population indicators manager Tehseen Islam said.
The annual net migration gain in 2023 was made up of a net gain of 173,000 non-New Zealand citizens and a net loss of 47,000 New Zealand citizens in 2023.
…we are going backwards despite ramming open the migrant worker exploitation tsunami.
This country is built economically upon stealing Māori land and never paying it back, exploitation of migrant workers to ensure a low wage de-unionised economy and the criss-crossing old boys network of monopolies and duopolies that dominate NZ industry.
Deregulating the little we have for exploiter capitalists won’t generate more growth, it will generate more inequality!
We need to be kinder to individuals and crueller to Corporations!
Austerity for renters, beneficiaries, state tenants and workers but a $2.9billion dollar tax break for the Rights wealthy landlord donor class!
National claiming they inherited a broken economy is nonsense, THEY ARE THE ONES WHO BROKE IT by funding $2.9b in tax breaks for their wealthy landlord donor class!
Governments support the economy when it goes into recession, they don’t embark upon a draconian austerity campaign!
The only reason oil prices aren’t burning us is because China’s economy is in worse shape than first suspected which has negative impacts on our economy.
Giving their rich mates tax breaks isn’t going to save the NZ economy.
Increasingly having independent opinion in a mainstream media environment which mostly echo one another has become more important than ever, so if you value having an independent voice – please donate here.
If you can’t contribute but want to help, please always feel free to share our blogs on social media.
NACTNZ have spent 3 years rubbishing the economy that grew 7% in that time .Now they are reaping the reward of that 3 years of lies and bullshit ,long may it rain on them .Luxon even bagged kiwi business as weak and now wants them to bail them out .
Ridiculous rubbish.
Did the economy not grow by 7?
Can’t even lie straight.
how so idiot ?look up the info for the last six years ,and show me a Luxon or seymore speech in that time that was posative .
Which part Bob? Without running off and confirming it, that GDP number over three years sounds plausible.
Your mates in the coalition are total tossers. They keep bagging the economy, casting doom and gloom, and then give tax cuts anyway. Clearly they are that worried about debt levels. They are total liars.
More clusterfuck one liners by Bob the facist.
When the immigration adviser asks for their “fee” to be deposited into a Chinese account you can see that immigration is not intended to benefit the country.
https://www.stuff.co.nz/nz-news/350218956/censured-immigration-agent-asked-leniency-over-murder-link
We need better corruption laws in my first impression.
Did the ratings agencies not warn Luxon to nit go ahead with his treaty experiment?
Correction:
“The only reason oil prices aren’t burning us is because” we’re importing large volumes of refined Russian oil via India (we could be getting that oil much cheaper if the Ardern regime hadn’t allowed BP and Shell to destroy the oil refinery that taxpayer money built).
Ardern didn’t destroy anything. She behaved like a good right winger and let the market decide. This ridiculous coalition is now going through the theatre of pretending to look at the chance of making the refinery operational. There is zero chance of that happening.
I agree with you but it seems that most people don’t want any evidence that interferes with what they believe.
Yes they destroyed it at lightening speed,to ensure no one changed their mind.Created dependency.Dumb move.
Who destroyed it? The oil companies that pulled the pin?
mass immegration theoretically helps the purely notional GDP figure which is an economists fiction..the effects on the ground are not taken into account not least that some bring their home attitudes with them rather than adopting the ‘western values’ that allegedly they emigrated for
Neither major party has any economic credibility, nor do our Treasury economists.
Mass low quality migration? Real estate inflation? Are they barking mad?
Yes. Yes, they are.
Immigration, the great experiment. The thinking in the 90s was that the country with 3 million
was problematic – so the economists with the backing of politicians thought of a way forward. Grow the population, grow the economy. Early concerns about social cohesion have largely been forgotten – in part because the large cities are now used to multiculturalism. Now it seems much immigration has been well and truely captured by business, importing cheap labour under the rationale of filling skill shortages.
was slavery ever resinded in nz??
“Despite record breaking immigration, NZ GDP STILL slips into recession”
My worry is that, that’s a serious observation by the, so I assumed, every vigilant The Daily Blog.
Immigration was increased to hide where our economies been going. Look down the nearest billionaires pocket not into the pleading eyes of some poor fucking immigrant. I mean TDB? WTF?
The pathetic Vaudville Act that’s the gubbimint is just that. An act.
Ah, yes… all the migrants are poor. How about looking at the poor NZ underclass, caught in a pincer between poor and wealthy migrants and getting fucked from both sides… or is that you, Gary?
Maybe because people with median wage jobs left to OZ (for better pay) and people promised jobs arrived – some little more than MW, others casual etc.
Now with MW jobs (and dome others with all these half employed migrants about) not going up much and rents increasing, GST take will go down and government revenues will not match inflation.