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...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZX awaits Wednesday's Official Cash Rate call

The S&P/NZX 50 Index declined 24.85 points or 0.18% to 13,489.24.

Graham Skellern 6:00pm

Energy

Brookfield buys Clarus gas assets

Worth perhaps $2b, the deal follows the NZ Government's LNG import announcement.

Pattrick Smellie 5:00pm

Law & Regulation

IAG hit with record $19.5m fine for 'widespread failures'

IAG is New Zealand's largest insurer.

Gregor Thompson 3:00pm

IAG hit with record $19.5m fine for 'widespread failures'

Sponsored

Fiji’s exclusive side revealed

Private islands and 5-star luxury, closer than you think.

Tourism Fiji

Sponsored

The double edge of AI in cyber security

Artificial intelligence has the potential to become both a lifeline and a liability for modern organisations, as a revolutionary tool capable of spotting threats at lightning speed, but also the ultimate weapon in the hands of cybercriminals.

Spark