Economic Buzz: New Zealand GDP Contracts By 0.2% In Q1

16 Jun 2022 , 12:15 PM

New Zealands gross domestic product contracted by a seasonally adjusted 0.2 percent on quarter in the first quarter of 2022, according to Statistics New Zealand. Primary industries drove the decrease in GDP, down 1.2 percent in the quarter. Goods producing industries also experienced a slight decline, down 0.1 percent. The expenditure measure of GDP was down 0.1 percent this quarter. A fall in net exports, driven by falling exports of goods and services, was offset by rises in household consumption expenditure, government expenditure, and gross fixed capital formation. On an annualized basis, gross domestic product expanded 1.2 percent – again missing forecasts for an increase of 3.2 percent following the 3.1 percent gain in the three months prior. Powered by Commodity Insights