New Zealand's QoQ Gross Domestic Product (GDP) growth recovered to 0.2% QoQ during 2024's first quarter, clawing back ground from the previous quarter's flat 0.0%. While New Zealand's over domestic economy improved in Q1, Stats NZ noted that GDP per capita still shrunk -0.3% over the same period.
Stats NZ also went on to note that despite the near-term uptick in GDP growth, New Zealand's GDP only managed a scant 0.2% YoY GDP print for the year ended in March 2024 compared to the previous annual period that ended in March 2023.
Stats NZ noted that New Zealand's Q1 GDP growth came entirely from Primary Services, with steep declines in the Goods-producing sector. New Zealand's overall GDP print was ring-fenced by 73.0% the country's economy being comprised of Services activity in the March quarter.
Economic Indicator
Gross Domestic Product (QoQ)
The Gross Domestic Product (GDP), released by Statistics New Zealand on a quarterly basis, is a measure of the total value of all goods and services produced in New Zealand during a given period. The GDP is considered as the main measure of New Zealand’s economic activity. The QoQ reading compares economic activity in the reference quarter to the previous quarter. Generally, a high reading is seen as bullish for the New Zealand Dollar (NZD), while a low reading is seen as bearish.
Read more.Last release: Wed Jun 19, 2024 22:45
Frequency: Quarterly
Actual: 0.2%
Consensus: 0%
Previous: -
Source: Stats NZ
The Gross Domestic Product (GDP), released by Statistics New Zealand, highlights the overall economic performance on a quarterly basis. The gauge has a significant influence on the Reserve Bank of New Zealand’s (RBNZ) monetary policy decision, in turn affecting the New Zealand dollar. A rise in the GDP rate signifies improvement in the economic conditions, which calls for tighter monetary policy, while a drop suggests deterioration in the activity. An above-forecast GDP reading is seen as NZD bullish.
