SYDNEY (Reuters) – New Zealand’s economic system widened greater than initially reported within the annual yr ended March 2024, in accordance with revised authorities information launched on Wednesday.
Gross home product (GDP) for the yr ended March 2024 was revised to 1.4%, a considerable enhance from the beforehand reported 0.3% annual progress, information from Statistics New Zealand confirmed.
The revised information confirmed stronger progress in agriculture, forestry, and fishing, together with an enchancment within the building sector.
The revisions suggest New Zealand’s current progress efficiency has not been as weak as beforehand estimated, Westpac economist Michael Gordon mentioned in a observe.
The decline in per capita GDP, whereas nonetheless giant, has not been as steep as initially estimated, he mentioned.
Statistics New Zealand will report its third-quarter GDP figures on Dec. 19.
