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Programmed Quarterly Labour Market Insights – New Zealand, Q4 2023

1 February 2024

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 earlier this year.

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.

To access the report, simply fill in your details below.

Australian Labour Market Insights Report, Q4 2023

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