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Statistics New Zealand has released its national accounts data for the December quarter, which revealed a 0.5% rise in GDP with household consumption spending slowing to its lowest level in six years:
Gross domestic product (GDP) grew 0.5 percent in the December 2019 quarter, after a 0.8 percent rise in the previous quarter, Stats NZ said today.
“Growth this quarter was led by a 0.6 percent rise in the service industries, while primary industries grew 0.5 percent,” national accounts senior manager Ruvani Ratnayake said.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.