Ultima Markets

In the last quarter of 2023, New Zealand’s economy declined by 0.1%, after a 0.3% drop from the earlier quarter. This disappointed market predictions which expected a 0.1% rise. A noteworthy fourth downturn happened over the preceding five quarters, primarily attributed to a fall in wholesale trade (moving from -2.2% in the third quarter to -1.8% in the fourth) and a dip in retail trade activity (moving from -0.4% in the third quarter to -0.9% in the fourth).  

The results varied among industries – 8 out of 16 observed a growth fueled by sectors like rental, hiring, and real estate as well as public administration, safety, and defense. The Gross Domestic Product (GDP) contracted by 0.3 percent year-over-year, following a 0.6 percent decrease in the preceding quarter. 

(GDP Growth Rate QoQ%，Statistics New Zealand) 

On Thursday around noon, the NZX 50 witnessed a decrease of 46.43 points or 0.39%, settling at 11,811.82 – a downturn for the first time in three days. The decline was fueled by traders’ pessimism in reaction to the latest data revealing the country’s slip into a technical recession in the fourth quarter of 2023. Additionally, the New Zealand dollar dropped beyond $0.605, coming close to its weakest point in the past four months. 

(NZDUSD Six-month Chart) 

Disclaimer  

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

marketing

See Full Bio