NZ Economy Shrinks in Q3 2023, Household Spending Down 0.6%
Thursday 14 December 2023, 11:13AM
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New Zealand's GDP fell by 0.3% in Q3 2023, according to data released by Stats NZ.
In contrast, household spending fell by 0.6%, due to decreased expenditure on durable goods such as motor vehicles.
Eight of the 11 service industries increased during the quarter, with the strongest rises in healthcare and rental services.
Exports also fell, driven by lower volumes of goods, including food, fuel and agriculture products. Stats NZ noted that the September quarter fall follows a revised 0.5% rise in the June quarter.