WELLINGTON, Dec. 19 (Xinhua) -- New Zealand's gross domestic product (GDP) decreased 1.0 percent in the September quarter, according to Stats NZ on Thursday.
This was the second quarter that the New Zealand GDP has experienced contraction, following a revised 1.1 percent decrease in the June quarter. The decrease in GDP for two successive quarters means that the New Zealand economy was in recession by common definition.
The annual growth in GDP was -0.1% compared to September 2023, Stats NZ said.
"The data incorporated this year shows stronger growth over the last year, followed by two significant falls in the latest quarters," Stats NZ macroeconomic growth spokesperson Jason Attewell said.
"The structure of the New Zealand economy can change quickly, which is why we update with new data each year," said Attewell.
During the September 2024 quarter, activity declined in 11 of the 16 industries that make up the production measure of GDP, with the largest falls in manufacturing, business services, and construction. Goods-producing and service industries fell, while primary industries increased.
GDP per capita fell 1.2 percent during the September 2024 quarter. This was the eighth consecutive fall in a series. ■
