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E-mail Xinhua, March 20, 2025
WELLINGTON, March 20 (Xinhua) -- New Zealand's gross domestic product (GDP) rose by 0.7 percent in the December 2024 quarter, recovering from a 1.1 percent decline in the September 2024 quarter, according to the statistics department Stats NZ on Thursday.
GDP per capita increased by 0.4 percent in the December 2024 quarter, marking its first growth in two years, Stats NZ said.
Eleven out of 16 industries saw growth this quarter, with the biggest increases in rental, hiring, and real estate services; retail trade and accommodation; and healthcare and social assistance, it said.
Increased spending by international visitors boosted activity in tourism-related sectors, including accommodation, restaurants and bars, transport, and vehicle rentals, said Stats NZ economic growth spokesperson Katrina Dewbery.
The largest declines were seen in construction and information media and telecommunications, Dewbery said, adding construction dropped by 3.1 percent in the December 2024 quarter, continuing a decline that began in March 2024.
The decrease in information media and telecommunications was mainly due to declines in telecommunications and internet services, as well as broadcasting and internet publishing services, she said.
The expenditure measure of the GDP grew by 0.8 percent in the December 2024 quarter, recovering from a 0.9 percent decline in the September 2024 quarter, Dewbery said, adding household consumption expenditure increased by 0.1 percent, driven by higher spending on durable goods like audio-visual and telecommunication equipment.
Finance Minister Nicola Willis welcomed confirmation the economy has turned the corner.
"We know many families and businesses are still suffering the after-effects of high inflation and interest rates, but today's data confirms that New Zealanders can look forward to a better future," Willis said.
However, the opposition Labor Party's finance spokesperson Barbara Edmonds said Kiwis aren't feeling any better off despite figures showing a very slight growth in the GDP in the December quarter. Enditem
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