Wellington, New Zealand - December 19, 2024: New Zealand's economy has officially entered a recession, with gross domestic product (GDP) contracting by 1.0% in the third quarter of 2024. This follows a revised decline of 1.1% in the second quarter, as reported by Statistics New Zealand.
The contraction was significantly worse than economists' expectations of a 0.2% decline. Year-on-year, the GDP fell by 1.5%, surpassing the anticipated 0.4% drop. In response to the economic downturn, the New Zealand dollar experienced a decline.