New Zealand GDP Sinks 0.2% In Q1
(RTTNews) - New Zealand's gross domestic product contracted by a seasonally adjusted 0.2 percent on quarter in the first quarter of 2022, Statistics New Zealand said on Thursday.
That missed expectations for an increase of 0.6 percent following the 3.0 percent increase in the previous three months.
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.
No Change For New Zealand Performance Of Manufacturing Index - BusinessNZ
New Zealand Cuts Rate By 50 Bps; Signals More Easing
New Zealand Building Consents Climb 5.8 Percent In August
New Zealand Has NZ$1.185 Billion Trade Deficit
New Zealand Services Index Slumps In August - BusinessNZ
New Zealand Manufacturing Index Slips Into Contraction - BusinessNZ
New Zealand Building Consents Climb 5.4% In July
