Economic activity falls 0.1 percent in the March 2023 quarter – Media release
15 June 2023
Gross domestic product (GDP) fell 0.1 percent in the March 2023 quarter, following a 0.7 percent fall in the December 2022 quarter, according to quarterly figures released by Stats NZ today.
“The December 2022 and March 2023 quarter declines follow growth in the June and September 2022 quarters,” economic and environmental insights general manager Jason Attewell said.
There were a range of results at industry level in the March 2023 quarter, with just over half of industries declining in the quarter. Business services was the biggest downwards driver, down 3.5 percent. This was partly offset by a 2.7 percent increase in information media and telecommunications this quarter.
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