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New Zealand GDP Q2 2023

New Zealand: GDP returns to growth in Q2

GDP rose 0.9% in Q2 on a seasonally adjusted quarter-on-quarter basis, following the previous quarter’s flat reading.

On the external front, exports of goods and services increased 5.0% in Q2 (Q1: -1.8% s.a. qoq). In addition, imports of goods and services deteriorated, contracting 2.0% in Q2 (Q1: -0.1% s.a. qoq).

Private consumption increased 0.4% in the second quarter, which was below the first quarter’s 1.5% increase. Public consumption rebounded, growing 2.0% in Q2 (Q1: +0.0% s.a. qoq). Meanwhile, fixed investment growth declined, growing 0.8% in Q2, from the 1.3% increase in the prior quarter.

In year-on-year terms, growth moderated to 1.8% in the second quarter, from 2.2% in the first quarter.

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