GDP decreases 0.6 percent in the December 2022 quarter

Gross domestic product (GDP) fell 0.6 percent in the December 2022 quarter, following a 1.7 percent rise in the September 2022 quarter, according to quarterly figures released by Stats NZ.

Nine of 16 industries experienced a decrease in activity compared with the September 2022 quarter.

Manufacturing was the biggest driver of the decrease, down 1.9 percent.

“A fall in transport equipment, machinery, and equipment manufacturing corresponded to lower investment in plant, machinery, and equipment; while reduced output in food, beverage, and tobacco manufacturing was reflected in a drop in dairy and meat exports,” national accounts industry and production senior manager Ruvani Ratnayake said.