Data for New Zealand economic growth in the July – September quarter of 2023 … is very ugly.
The priors were revised lower from 0.9% q/q and 1.8% y/y.
Stats NZ highlight the key drivers:
Downwards drivers -– change in production:
- Manufacturing was down 3.4 percent
- Transport was down 4.5 percent
- Construction was down 1.7 percent
- Wholesale trade was down 1.9 percent
Upwards drivers – change in production:
- Healthcare and social assistance was up 2.3 percent
- Rental, hiring and real estate services was up 1.0 percent