New Zealand GDP Falls 1.0% In Q3

(RTTNews) - New Zealand's gross domestic product contracted a seasonally adjusted 1.0 percent on quarter in the third quarter of 2024, Statistics New Zealand said on Thursday.

That missed forecasts for a decline of 0.2 percent following the downwardly revised 1.1 percent drop in the three months prior (originally -1.0 percent).

Expenditure on GDP fell 0.8 percent on quarter, while GDP per capita fell 1.2 percent and real gross national disposable income fell 0.8 percent.

Manufacturing was down 2.6 percent, while business service fell 1.5 percent and construction slumped 2.8 percent. Rental and real estate rose 1.0 percent and agriculture was up 1.4 percent.

On an annualized basis, GDO sank 1.5 percent - again missing forecasts for a fall of 0.4 percent after slipping 0.5 percent in the previous three months.