New Zealand GDP Slips 0.2% In Q2

(RTTNews) - New Zealand's gross domestic product contracted a seasonally adjusted 0.2 percent on quarter in the second quarter of 2024, Statistics New Zealand said on Thursday.

That beat forecasts for a decline of 0.4 percent following the downwardly revised 0.1 percent increase in the three months prior (originally 0.2 percent).

On an annualized basis, GDP sank 0.5 percent - in line with expectations following the upwardly revised 0.5 percent increase in the previous quarter (originally 0.3 percent).

Expenditure on GDP was flat at 0.0 percent in Q2 following a 0.3 percent rise in the first quarter. Expenditure on GDP rose 0.3 percent over the year ended June 2024 compared with the year ended June 2023.