Recession or not, the economy is anaemic

Recession or not, the economy is anaemic
(Image: Getty)
Rebecca Howard
The jury is out on whether New Zealand entered another recession in the fourth quarter, but what is certain is that growth was anaemic in 2023.ASB Bank economist Nathaniel Keall was tipping a 0.2% contraction in quarter and said the weakness in growth was broad-based.The economy contracted 0.3% in the third quarter, and another quarter of negative growth would mean a technical recession. According to Keall, until recently, the service sector has been propping up growth in the face of a housing-market driven deceleration in construction act...

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NZIER's Shadow Board predicts RBNZ will hold, with one exception
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NZIER's Shadow Board predicts RBNZ will hold, with one exception

The New Zealand Institute of Economic Research’s Shadow Board expects the Reserve Bank of NZ to hold the official cash rate at 5.5% for another year, although one member did call for a hike this week. “While inflation pressures are still high and the labour market remains strong,...

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Rebecca Howard 05 Jul 2024
Core Crown tax revenue higher than expected in May accounts
Economy

Core Crown tax revenue higher than expected in May accounts

Government tax intake is $1.57 billion higher than forecast, according to the latest Crown accounts.Treasury released the interim financial statements for the 11 months ended May 31 on Wednesday morning, which showed core Crown tax revenue was $111.12b.This was 1.4% more than the...

Staff reporters 04 Jul 2024