Household spending was flat, as decreased spending on durables, including audio visual equipment and furnishings, was offset by increased household spending on services. “A fall in transport equipment, machinery, and equipment manufacturing corresponded to lower investment in plant, machinery, and equipment, while reduced output in food, beverage, and tobacco manufacturing was reflected in a drop in dairy and meat exports,” Ruvani Ratnayake of Stats NZ said.ĪSB was forecasting a 0.5 per cent slump, saying an element of payback was likely following the “whopper” 2 per cent lift in the third quarter. Manufacturing was the biggest driver of the decrease, down 1.9 per cent. Nine of 16 industries experienced a decrease in activity compared with the September 2022 quarter. The economy contracted 0.6 per cent in the December quarter, a bigger fall than expected, data from StatsNZ showed. Canterbury Mornings with John MacDonald PodcastĮconomists expected GDP data - due at 10.45 today - to show the economy contracted in the fourth quarter of 2022, widely describing the slump as “payback” for the big bounce in the third quarter.Wellington Mornings with Nick Mills Podcast.The Resident Builder Podcast with Peter Wolfkamp.Saturday Morning with Jack Tame Podcast.Sportstalk with D'Arcy Waldegrave Podcast.
Simon Barnett & James Daniels Afternoons Podcast.
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