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On Thursday, New Zealand reported an economic upswing with its gross domestic product (GDP) increasing by 0.7 percent in the December 2024 quarter. This positive shift comes after the economy experienced a contraction of 1.1 percent in the previous quarter, as per the data provided by Stats NZ.
The growth was broad-based, with eleven out of sixteen industries recording an uptick. Notably, the sectors of rental, hiring, and real estate services; retail trade and accommodation; and healthcare and social assistance saw the largest increases. This improvement was attributed to higher spending by international visitors, which buoyed tourism-related industries including accommodation, restaurants, bars, transport, and vehicle hiring, explained Katrina Dewbery, an economic growth spokesperson.
Despite the overall growth, some sectors faced challenges. The construction industry witnessed a significant decline of 3.1 percent during the quarter, continuing a downward trend that began in the March 2024 quarter. Additionally, the information media and telecommunications sector also saw a decrease, mainly due to reductions in telecommunications and internet services, as well as broadcasting and internet publishing services.
On a per capita basis, New Zealand’s GDP rose by 0.4 percent in the December quarter, marking the first increase in two years. Furthermore, the expenditure measure of GDP, which reflects the total spending in the economy, grew by 0.8 percent in the same period, recovering from a 0.9 percent decline in the September 2024 quarter.
Household consumption expenditure modestly increased by 0.1 percent in the December quarter, with a notable rise in spending on durable goods such as audio-visual and telecommunication equipment. This suggests a cautious but positive consumer sentiment as the year ended.
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