New Zealand GDP Slips 0.1% In Q1
(RTTNews) - New Zealand's gross domestic product contracted 0.1 percent on quarter in the first quarter of 2023, Statistics New Zealand said on Thursday, keeping the kiwi economy in recession.
The result was in line with expectations following the downwardly revised 0.7 percent contraction in the previous three months (originally -0.6 percent).
Expenditure on GDP fell 0.2 percent, while primary industries fell 0.5 percent. Service industries shed 0.6 percent and goods producing industries slipped 0.4 percent.
On an annualized basis, GDP expanded 2.9 percent - beating forecasts for 2.5 percent and up from the upwardly revised 2.7 percent increase in the three months prior (originally 2.2 percent).
GDP Expenditure was down 0.2 percent on quarter, missing forecasts for an increase of 2.1 percent following the 0.9 percent contraction in the previous quarter.
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