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New Zealand’s gross domestic product per person dropped 0.7% during December quarter as retailers offloaded inventory
New Zealand’s economy got 0.1% smaller in the last three months of 2023, bringing annual growth for the calendar year to just 0.6%. Stats NZ reported gross domestic product had fallen for a second quarter, after the 0.3% decline in the September quarter. This result was a small surprise for forecasters who expected 0.1% growth and the Reserve Bank which predicted no change during the quarter. The largest downward drivers came from a 1.8% decline in the wholesale trade of items such as groceries, liquor, machinery, and equipment, Stats NZ said. Retail trade in things such as furniture, electrical goods, hardware, ... (full story)