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Statistics New Zealand has released national accounts data for the September quarter, which fell 3.7% amid lockdowns – the second largest fall since the current series began in 1986:
The key points from the release are below:
- GDP was down 3.7 percent
- service industries fell 2.7 percent
- goods-producing industries fell 7.3 percent
- primary industries fell 3.1 percent
- GDP per capita fell 3.8 percent
- real gross national disposable income fell 3.6 percent
- average annual GDP to September 2021 rose 4.9 percent.
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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.