New Zealand's gross domestic product (GDP) fell 0.2 percent in the June 2024 quarter, following a 0.1 percent increase in the March 2024 quarter, according to figures released by Stats NZ today.
| Quarter | Quarterly growth (%) |
| Mar-18 | 0.8 |
| Jun-18 | 1.2 |
| Sep-18 | 0.1 |
| Dec-18 | 1.5 |
| Mar-19 | 0.7 |
| Jun-19 | 0.4 |
| Sep-19 | 0.8 |
| Dec-19 | 0.8 |
| Mar-20 | -1.3 |
| Jun-20 | -10 |
| Sep-20 | 14 |
| Dec-20 | 0.1 |
| Mar-21 | 1.8 |
| Jun-21 | 1.4 |
| Sep-21 | -4 |
| Dec-21 | 3.5 |
| Mar-22 | -0.2 |
| Jun-22 | 1.3 |
| Sep-22 | 1.7 |
| Dec-22 | -0.6 |
| Mar-23 | -0.5 |
| Jun-23 | 0.8 |
| Sep-23 | -0.4 |
| Dec-23 | 0 |
| Mar-24 | 0.1 |
| Jun-24 | -0.2 |
| Quarter | Annual growth (%) |
| Mar-18 | 3.4 |
| Jun-18 | 3.5 |
| Sep-18 | 3.5 |
| Dec-18 | 3.5 |
| Mar-19 | 3.5 |
| Jun-19 | 3.3 |
| Sep-19 | 3.3 |
| Dec-19 | 3.1 |
| Mar-20 | 2.4 |
| Jun-20 | -0.7 |
| Sep-20 | -1 |
| Dec-20 | -1.3 |
| Mar-21 | -0.4 |
| Jun-21 | 6 |
| Sep-21 | 5.3 |
| Dec-21 | 5.6 |
| Mar-22 | 4.6 |
| Jun-22 | 0.7 |
| Sep-22 | 2.5 |
| Dec-22 | 2.4 |
| Mar-23 | 2.7 |
| Jun-23 | 3 |
| Sep-23 | 1.3 |
| Dec-23 | 0.7 |
| Mar-24 | 0.3 |
| Jun-24 | -0.2 |
Retail trade and accommodation; agriculture, forestry, and fishing; and wholesale trade industries all fell.
"Activity in retail trade and wholesale trade has been in steady decline since 2022," national accounts industry and production senior manager Ruvani Ratnayake said.
Forestry and logging drove the fall in the agriculture, forestry, and fishing industry. This is mirrored by a fall in exports of forestry primary products.
Despite the overall fall in GDP, 7 out of the 16 industries increased. The largest rise was in manufacturing.
"A rise in transport equipment, machinery, and equipment manufacturing drove the increase in manufacturing. This was the largest rise in manufacturing activity since the December 2021 quarter," Ratnayake said.
GDP per capita decreased by 0.5 percent in the June 2024 quarter. The last time GDP per capita increased was in the September 2022 quarter. On an annual basis, to the year ended June 2024 GDP per capita fell 2.7 percent.
The expenditure measure of GDP was flat (0.0 percent) in the June 2024 quarter.
Household spending was up 0.4 percent, driven by increased spending on non-durable items including fruit and vegetables; and services. Spending on durables fell for the fourth consecutive quarter, driven by reduced spending on new motor vehicles and telecommunication equipment such as mobile phones.
Technical enquiries
Matthew Collison
04 931 4600
[email protected]
