GDP Increases 0.2 Percent In March 2024 Quarter

New Zealand’s gross domestic product (GDP) rose 0.2 percent in the March 2024 quarter, following a 0.1 percent decrease in the December 2023 quarter, according to figures released by Stats NZ today.

QuarterQuarterly growth (%)
Dec-171
Mar-180.8
Jun-181.1
Sep-180.2
Dec-181.5
Mar-190.7
Jun-190.3
Sep-190.8
Dec-190.8
Mar-20-1.2
Jun-20-10.1
Sep-2014.1
Dec-200.1
Mar-211.8
Jun-211.2
Sep-21-3.9
Dec-213.5
Mar-22-0.1
Jun-221
Sep-221.8
Dec-22-0.5
Mar-23-0.3
Jun-230.5
Sep-23-0.3
Dec-23-0.1
Mar-240.2
QuarterAnnual growth (%)
Dec-173.3
Mar-183.4
Jun-183.5
Sep-183.5
Dec-183.5
Mar-193.5
Jun-193.3
Sep-193.3
Dec-193.1
Mar-202.4
Jun-20-0.7
Sep-20-1.1
Dec-20-1.4
Mar-21-0.4
Jun-216
Sep-215.3
Dec-215.6
Mar-224.6
Jun-220.7
Sep-222.5
Dec-222.4
Mar-232.7
Jun-233
Sep-231.2
Dec-230.6
Mar-240.2

“There were a range of results at industry level, with 8 of the 16 industries rising this quarter,” national accounts industry and production senior manager Ruvani Ratnayake said.

Rises were seen in rental, hiring and real estate services, up 0.9 percent. Electricity generation drove a 2.9 percent increase in electricity, gas, water and waste services.

Falls were seen in several industries including construction, business services, and manufacturing.

“While manufacturing fell overall, food and beverage manufacturing was up. This was reflected in a rise of dairy product exports, such as milk powder,” Ratnayake said.

GDP per capita decreased by 0.3 percent in the March 2024 quarter. This was the sixth consecutive quarterly fall. On an annual basis, GDP per capita fell 2.4 percent.

The expenditure measure of GDP grew 0.1 percent, driven by household and overseas visitor spending in New Zealand, which rose 0.8 percent.

Downward contributions to the expenditure measure were made by a 6.1 percent rise in imports and a 1.3 percent fall in gross fixed capital formation.

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/Stats NZ Public Release. View in full here.