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Economic Downturn: New Zealand Falls into Technical Recession in Late 2023
TOPICSTags: GDP, New Zealand, NZDUSD, NZX 50
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)
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