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.
| Quarter | Quarterly growth (%) |
| Jun-91 | -0.7 |
| Sep-91 | 0.3 |
| Dec-91 | 0.6 |
| Mar-92 | 0.3 |
| Jun-92 | 0 |
| Sep-92 | -0.8 |
| Dec-92 | 1.3 |
| Mar-93 | 1.6 |
| Jun-93 | 2.2 |
| Sep-93 | 2 |
| Dec-93 | 0.9 |
| Mar-94 | 1.5 |
| Jun-94 | 0.7 |
| Sep-94 | 1.7 |
| Dec-94 | 1.3 |
| Mar-95 | 1.2 |
| Jun-95 | 1.3 |
| Sep-95 | 0.9 |
| Dec-95 | 0.7 |
| Mar-96 | 1.4 |
| Jun-96 | 0.9 |
| Sep-96 | 0.7 |
| Dec-96 | 1.3 |
| Mar-97 | -0.4 |
| Jun-97 | 2 |
| Sep-97 | -0.2 |
| Dec-97 | -0.2 |
| Mar-98 | -0.5 |
| Jun-98 | 0.5 |
| Sep-98 | 0.1 |
| Dec-98 | 1 |
| Mar-99 | 1.2 |
| Jun-99 | 0.8 |
| Sep-99 | 2.8 |
| Dec-99 | 1.2 |
| Mar-00 | 1.5 |
| Jun-00 | 0 |
| Sep-00 | 0.4 |
| Dec-00 | 0.2 |
| Mar-01 | 0.3 |
| Jun-01 | 1.4 |
| Sep-01 | 0.8 |
| Dec-01 | 1.5 |
| Mar-02 | 0.9 |
| Jun-02 | 1.3 |
| Sep-02 | 1.2 |
| Dec-02 | 1.4 |
| Mar-03 | 0.6 |
| Jun-03 | 0.5 |
| Sep-03 | 2.1 |
| Dec-03 | 1.3 |
| Mar-04 | 1.7 |
| Jun-04 | 0.9 |
| Sep-04 | 0.3 |
| Dec-04 | 0.4 |
| Mar-05 | 1.2 |
| Jun-05 | 1.6 |
| Sep-05 | 0.5 |
| Dec-05 | -0.4 |
| Mar-06 | 1.6 |
| Jun-06 | 0.4 |
| Sep-06 | 0.6 |
| Dec-06 | 0.8 |
| Mar-07 | 1.3 |
| Jun-07 | 0.9 |
| Sep-07 | 0.8 |
| Dec-07 | 0.2 |
| Mar-08 | -0.4 |
| Jun-08 | -0.3 |
| Sep-08 | -0.4 |
| Dec-08 | -0.7 |
| Mar-09 | -0.9 |
| Jun-09 | 0 |
| Sep-09 | 0.5 |
| Dec-09 | 1.3 |
| Mar-10 | 0.3 |
| Jun-10 | 0.7 |
| Sep-10 | -0.2 |
| Dec-10 | -0.5 |
| Mar-11 | 1.1 |
| Jun-11 | 0.4 |
| Sep-11 | 1.1 |
| Dec-11 | 0.6 |
| Mar-12 | 0.6 |
| Jun-12 | 0.5 |
| Sep-12 | 0.2 |
| Dec-12 | 1.4 |
| Mar-13 | -0.2 |
| Jun-13 | 1.2 |
| Sep-13 | 0.6 |
| Dec-13 | 0.3 |
| Mar-14 | 1.5 |
| Jun-14 | 0.4 |
| Sep-14 | 1.3 |
| Dec-14 | 1.6 |
| Mar-15 | 0.4 |
| Jun-15 | 0.8 |
| Sep-15 | 0.9 |
| Dec-15 | 1 |
| Mar-16 | 1.1 |
| Jun-16 | 0.9 |
| Sep-16 | 0.9 |
| Dec-16 | 0.4 |
| Mar-17 | 1.1 |
| Jun-17 | 1 |
| Sep-17 | 0.8 |
| Dec-17 | 1 |
| Mar-18 | 0.8 |
| Jun-18 | 1.2 |
| Sep-18 | 0.1 |
| Dec-18 | 1.5 |
| Mar-19 | 0.6 |
| Jun-19 | 0.5 |
| Sep-19 | 0.8 |
| Dec-19 | 0.8 |
| Mar-20 | -1.1 |
| Jun-20 | -10.3 |
| Sep-20 | 13.9 |
| Dec-20 | 0 |
| Mar-21 | 2 |
| Jun-21 | 2.1 |
| Sep-21 | -4.1 |
| Dec-21 | 3.5 |
| Mar-22 | -0.5 |
| Jun-22 | 1.6 |
| Sep-22 | 1.7 |
| Dec-22 | -0.6 |
| Quarter | Annual growth (%) |
| Jun-91 | 0.3 |
| Sep-91 | -0.3 |
| Dec-91 | -1.3 |
| Mar-92 | -1.1 |
| Jun-92 | -0.5 |
| Sep-92 | -0.1 |
| Dec-92 | 0.7 |
| Mar-93 | 1.1 |
| Jun-93 | 1.9 |
| Sep-93 | 3.6 |
| Dec-93 | 5.2 |
| Mar-94 | 6.4 |
| Jun-94 | 6.6 |
| Sep-94 | 6 |
| Dec-94 | 5.6 |
| Mar-95 | 5.1 |
| Jun-95 | 5.2 |
| Sep-95 | 5.2 |
| Dec-95 | 4.9 |
| Mar-96 | 4.7 |
| Jun-96 | 4.3 |
| Sep-96 | 4 |
| Dec-96 | 4.1 |
| Mar-97 | 3.6 |
| Jun-97 | 3.5 |
| Sep-97 | 3.3 |
| Dec-97 | 2.5 |
| Mar-98 | 2.1 |
| Jun-98 | 1.1 |
| Sep-98 | 0.4 |
| Dec-98 | 0.4 |
| Mar-99 | 0.9 |
| Jun-99 | 1.7 |
| Sep-99 | 3.2 |
| Dec-99 | 4.5 |
| Mar-00 | 5.4 |
| Jun-00 | 6 |
| Sep-00 | 5.3 |
| Dec-00 | 4.2 |
| Mar-01 | 2.9 |
| Jun-01 | 2.1 |
| Sep-01 | 2 |
| Dec-01 | 2.5 |
| Mar-02 | 3.4 |
| Jun-02 | 4 |
| Sep-02 | 4.5 |
| Dec-02 | 4.7 |
| Mar-03 | 4.7 |
| Jun-03 | 4.5 |
| Sep-03 | 4.5 |
| Dec-03 | 4.4 |
| Mar-04 | 4.7 |
| Jun-04 | 5.3 |
| Sep-04 | 5.2 |
| Dec-04 | 4.8 |
| Mar-05 | 4.1 |
| Jun-05 | 3.4 |
| Sep-05 | 3.3 |
| Dec-05 | 3.2 |
| Mar-06 | 3.4 |
| Jun-06 | 3 |
| Sep-06 | 2.6 |
| Dec-06 | 2.8 |
| Mar-07 | 2.8 |
| Jun-07 | 3.2 |
| Sep-07 | 3.6 |
| Dec-07 | 3.5 |
| Mar-08 | 3.1 |
| Jun-08 | 2.2 |
| Sep-08 | 1 |
| Dec-08 | -0.3 |
| Mar-09 | -1.2 |
| Jun-09 | -1.8 |
| Sep-09 | -1.8 |
| Dec-09 | -1.1 |
| Mar-10 | -0.1 |
| Jun-10 | 1.1 |
| Sep-10 | 1.9 |
| Dec-10 | 1.8 |
| Mar-11 | 1.5 |
| Jun-11 | 1 |
| Sep-11 | 1 |
| Dec-11 | 1.8 |
| Mar-12 | 2.2 |
| Jun-12 | 2.7 |
| Sep-12 | 2.6 |
| Dec-12 | 2.5 |
| Mar-13 | 2.3 |
| Jun-13 | 2.3 |
| Sep-13 | 2.6 |
| Dec-13 | 2.3 |
| Mar-14 | 2.7 |
| Jun-14 | 2.8 |
| Sep-14 | 3 |
| Dec-14 | 3.8 |
| Mar-15 | 3.8 |
| Jun-15 | 4.1 |
| Sep-15 | 4.1 |
| Dec-15 | 3.7 |
| Mar-16 | 3.8 |
| Jun-16 | 3.8 |
| Sep-16 | 3.9 |
| Dec-16 | 3.9 |
| Mar-17 | 3.7 |
| Jun-17 | 3.5 |
| Sep-17 | 3.3 |
| Dec-17 | 3.5 |
| Mar-18 | 3.5 |
| Jun-18 | 3.6 |
| Sep-18 | 3.6 |
| Dec-18 | 3.5 |
| Mar-19 | 3.5 |
| Jun-19 | 3.2 |
| Sep-19 | 3.3 |
| Dec-19 | 3.1 |
| Mar-20 | 2.5 |
| Jun-20 | -0.7 |
| Sep-20 | -1.1 |
| Dec-20 | -1.5 |
| Mar-21 | -0.7 |
| Jun-21 | 5.9 |
| Sep-21 | 5.4 |
| Dec-21 | 6 |
| Mar-22 | 5.2 |
| Jun-22 | 1.1 |
| Sep-22 | 2.7 |
| Dec-22 | 2.4 |
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.
Other downwards drivers included the following industries:
- retail trade and accommodation
- arts, recreation, and other services
- transport, postal, and warehousing.
“We would typically see higher activity in industries linked to tourism such as accommodation, retail, and transport, in what is usually the beginning of New Zealand’s peak tourist season,” Ratnayake said.
“While the last of the travel restrictions were lifted in August 2022, the number of overseas visitors in December 2022 quarter was still below pre-COVID levels.”
International travel: January 2023 has more information.
Business services, which makes up approximately one-tenth of the economy, was up 3.3 percent, partially offsetting the falls in other parts of the economy. This was driven by rises in advertising and market research; and computer system design and related services.
Household spending was flat, as decreased spending on durables, including audio visual equipment and furnishings, was offset by increased household spending on services.
Other drivers of the 0.8 percent decrease in expenditure on GDP were investment, down 1.9 percent, and government spending, down 2.4 percent.
