NZ Economy Contracts, Country Officially in a Recession

Published on March 21, 2024

New Zealand has officially entered a recession—defined as two successive quarters in which the economy contracts—as GDP fell 0.1 percent in the December 2023 quarter when compared with the September quarter, which also shrank by 0.3 percent. This comes despite the country experiencing record levels of migration—130,000 in the year to January—and population growth. It was the fourth quarter of the last five when the economy contracted. On a per capita basis, GDP decreased by 0.7 percent, while real gross national disposable income fell 1.4 percent. Wholesale interest rates and the New Zealand dollar fell in response to the news. The decline is due in large part to decisions by the Reserve Bank of New Zealand to continue to increase the official cash rate to slow spending by both households and businesses in an attempt to control inflation....

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