21 Mar 2024

NZ slipped into recession in final quarter of 2023 GDP figures show

From Midday Report, 12:11 pm on 21 March 2024

New GDP figures say Aotearoa slipped into a recession in the final quarter of last year.

Stats NZ says gross domestic product, the broad measure of economic growth, fell 0.1 percent in the three months ended December, taking the annual rate to negative 0.3 percent.

It was the second consecutive quarter of contraction, fulfilling the technical definition of a recession.

Each individual's share of the economy shrank 0.7 percent during the quarter because of the surge in migration.

Finance Minister Nicola Willis spoke to Charlotte Cook.