The update to the June 2024 quarter growth rate reflects the incorporation of annual data, a process completed by Stats NZ each October. In this instance, while the June quarter growth rate has been revised downward, the overall level of economic activity has been revised upward over a longer period.
“The structure of the New Zealand economy can change quickly, which is why we update with new data each year,” macroeconomic growth spokesperson Jason Attewell said.
“The data incorporated this year shows stronger growth over the last year, followed by two significant falls in the latest quarters.
“We balance the use of timely data for quarterly GDP estimates with more detailed information to annually update the relevant importance of industries. This approach is in line with international best practice.”
