New Zealand’s gross domestic product (GDP) fell 0.1 percent in the December 2023 quarter, following a 0.3 percent decrease in the September 2023 quarter, according to figures released by Stats NZ today.
“Wholesale trade was the largest downwards driver this quarter, led by falls in grocery and liquor wholesaling; and machinery and equipment wholesaling,” national accounts industry and production senior manager Ruvani Ratnayake said.
Retail trade activity also fell, driven by furniture, electrical, and hardware retailing; and food and beverage services.
Results at industry level were mixed – 8 out of 16 industries increased, driven by rental, hiring, and real estate services; and public administration, safety, and defence.
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- GDP decreases 0.1 percent in the December 2023 quarter
- Gross domestic product: December 2023 quarter
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