Statistics New Zealand reported that, for the third quarter of 2024, New Zealand's gross domestic product (GDP) experienced a seasonally adjusted contraction of 1.0 percent from the previous quarter. This decline was notably larger than anticipated, as forecasts had predicted a decrease of just 0.2 percent. The previous quarter's drop was also revised downward from an initial 1.0 percent to 1.1 percent.
There was a 0.8 percent drop in GDP expenditure during the same period, alongside a 1.2 percent decline in GDP per capita and a 0.8 percent decrease in real gross national disposable income. Sector-specific performance showed significant downturns, with manufacturing declining by 2.6 percent, business services by 1.5 percent, and construction by 2.8 percent. Conversely, the rental and real estate sector grew by 1.0 percent, and agriculture saw an increase of 1.4 percent.
On an annual basis, the GDP shrank by 1.5 percent, significantly surpassing the predicted decrease of 0.4 percent, following a 0.5 percent slip in the previous quarter.
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