Economy slowing but inflation persists.
New Zealand’s economy has slipped into negative territory in the latest GDP figures, while a statistical revision shows the economy was in a technical recession in early 2023.
Economic conditions are weaker across the board, with falling employment and business activity – particularly in areas such as manufacturing, mining and construction.
It follows a series of interest rate increases by the RBNZ, and a sombre tone coming from the central bank about the outlook on inflation.
GDP declined 0.3% in the September quarter. Also, Statistics NZ has revised earlier figures which show the economy shrank over two consecutive quarters (0.6% in the December quarter 2022, and 0.2% in the March quarter 2023) – the technical definition of a recession.
This report uncovers what’s happening across New Zealand, looking at how the workforce has been impacted, the challenges employers face in the current landscape and trends in national recruitment activity.
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Australian Labour Market Insights Report, Q4 2023
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