GDP decline worse than expected

Manufacturing output was down by 1.9% in the final quarter of 2022. (Image: Unsplash)

Thu, 16 Mar 2023

The economy contracted by 0.6% in the final three months of 2022.The decline in economic output was greater than most economists expected, with a consensus forecast for a drop of about 0.2%.Stats New Zealand also revised the September quarter figure of 2% growth down to 1.7%.A further contraction in the current quarter would mean a technical recession.The manufacturing sector was the biggest contributor to the decline, down 1.9%. Retail, recreation and transport/logistics also saw declines.Economists dividedEconomists are divided over the impac...

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