Latest news with #KatrinaDewbery
1News
11 hours ago
- Business
- 1News
GDP grows 0.8% in March quarter
The New Zealand economy grew in the first quarter of 2025, with GDP increasing by 0.8% in figures released today by Stats NZ. It followed a revised 0.5% increase in the December 2024 quarter. Activity increased in the March 2025 quarter across all three high-level industry groups: primary industries, goods-producing industries, and services industries. "At a more detailed industry level, nine of the 16 industries increased, with the largest rises in business services and manufacturing," economic growth spokesperson Katrina Dewbery said. Activity picked up in the March 2025 quarter across all three high-level industry groups. (Source: 1News) ADVERTISEMENT An increase in the production of machinery and equipment led a rise in manufacturing. The largest decreases were seen in arts and recreation services, and information, media and telecommunications. Household expenditure rose by 1.4% this quarter, up from 0.1% last quarter. Spending on services, durables, and non-durables were all up, with the increased services spending driven by rises in cultural services, other digital services imports, and accommodation services. 'Great news' - Willis reacts to 'surprise' GDP result Finance Minister Nicola Willis said the "surprise" economic result was great news for workers, families and businesses. ADVERTISEMENT "This is the second consecutive quarter in which growth outstripped forecasters' assumptions and confirms the economy was gaining momentum late last year and at the start of this year." She said New Zealanders should "take heart that the country is back on track" despite increases in global conflicts, the introduction of new tariffs, and what she called "six years of economic mismanagement" by the previous Labour government. The morning's headlines in 90 seconds including what will happen to food after supermarket blaze, Trump's dithering over the Middle East, and winter car care tips. (Source: 1News) "I know many households and businesses are still doing it tough but the steps the Government has taken to stop wasteful spending, grow the economy and provide more support to households are paying dividends. So are the efforts of the private sector." Willis said the money was flowing through to businesses thanks to the steps the Government had taken to "reduce red tape, incentivise investment and boost tourism, and the export records being set by New Zealand farmers and growers". "Inflation is down, interest rates are down, and many families have a little more money in their pockets."
The Advertiser
19 hours ago
- Business
- The Advertiser
New Zealand enjoys GDP bump of 0.8 per cent in Q1
New Zealand's economy is rebounding towards better health, posting 0.8 per cent GDP growth in the first three months of the year. However, the Kiwi economy is still 1.1 per cent smaller than it was a year ago, such was the damage from a 2024 recession, with warnings of dire times and tough choices ahead. On Thursday, Stats NZ revealed growth figures for Q1 2025, which improved on predictions from the Reserve Bank (RBNZ)of an 0.4 per cent uptick. "Nine of the 16 industries increased, with the largest rises in business services and manufacturing," spokesperson Katrina Dewbery said. The quarterly jump is the best result in almost two years, with GDP per capita was also up in the March quarter, growing by 0.5 per cent. Acting prime minister David Seymour called the result "a tribute to New Zealanders" and Finance Minister Nicola Willis described it as "great news". "Hard working people have knuckled down through a very challenging period and today's figure summarises that," Mr Seymour said. While politicians were pleased at the result, there's little doubt New Zealand is in a tough spot economically. Two particularly troubled industries - mining and construction - posted growth of 1.0 and 0.5 per cent in the quarter, but are down 11.2 and 9.3 per cent over the last year. BNZ senior economist Doug Steel said more recent data on services (two-thirds of the Kiwi economy) and manufacturing looked "nothing short of disastrous". "There are clear warnings that the New Zealand economy has hit a brick wall in Q2 and this is despite the substantial revenue growth flowing from the agricultural sector," he wrote. "Many businesses noted reduced demand and falling revenues due to rising costs, economic uncertainty and low consumer confidence." Mr Steel said it made a clear argument for further stimulus from the country's central bank, which has already eased the official cash rate from 5.5 per cent last August to the current position of 3.25 per cent. However, other banks point to the above-expectations headline GDP data as a reason to hold fire at the bank's meeting next month. "We think the RBNZ will pause in July. Beyond that, it's a tightrope walk of what seems to be stagflationary risks. We do not envy the hand our friends (at the RBNZ) have been dealt," ASB Chief Economist Nick Tuffley said. Council of Trade Unions chief economist Craig Rennie said the GDP figures showed the government's failure to spark the economy. The right-leaning coalition, led by Chris Luxon, took office in November 2023 and has reined in public spending at a time when many, including the CTU, argued for a fiscal boost. "The economy is still smaller than at the election in real terms. With more recent data suggesting that the economy is struggling to grow, there is a real danger that we return to slow, no, or negative growth," Mr Rennie said. "There are 23,000 more people on Jobseekers (benefit) this year. 48 per cent of workers in New Zealand got a pay cut in real terms. Business and consumer confidence are at levels associated with recessions. "One quarter of data shouldn't blind the government of the need for change." New Zealand's Q1 bump is healthy compared to Australia's 0.2 per cent increase in the same three months - though New Zealand's 1.1 per cent contraction over the last 12 months is well short of Australia's 1.3 per cent growth. New Zealand's economy is rebounding towards better health, posting 0.8 per cent GDP growth in the first three months of the year. However, the Kiwi economy is still 1.1 per cent smaller than it was a year ago, such was the damage from a 2024 recession, with warnings of dire times and tough choices ahead. On Thursday, Stats NZ revealed growth figures for Q1 2025, which improved on predictions from the Reserve Bank (RBNZ)of an 0.4 per cent uptick. "Nine of the 16 industries increased, with the largest rises in business services and manufacturing," spokesperson Katrina Dewbery said. The quarterly jump is the best result in almost two years, with GDP per capita was also up in the March quarter, growing by 0.5 per cent. Acting prime minister David Seymour called the result "a tribute to New Zealanders" and Finance Minister Nicola Willis described it as "great news". "Hard working people have knuckled down through a very challenging period and today's figure summarises that," Mr Seymour said. While politicians were pleased at the result, there's little doubt New Zealand is in a tough spot economically. Two particularly troubled industries - mining and construction - posted growth of 1.0 and 0.5 per cent in the quarter, but are down 11.2 and 9.3 per cent over the last year. BNZ senior economist Doug Steel said more recent data on services (two-thirds of the Kiwi economy) and manufacturing looked "nothing short of disastrous". "There are clear warnings that the New Zealand economy has hit a brick wall in Q2 and this is despite the substantial revenue growth flowing from the agricultural sector," he wrote. "Many businesses noted reduced demand and falling revenues due to rising costs, economic uncertainty and low consumer confidence." Mr Steel said it made a clear argument for further stimulus from the country's central bank, which has already eased the official cash rate from 5.5 per cent last August to the current position of 3.25 per cent. However, other banks point to the above-expectations headline GDP data as a reason to hold fire at the bank's meeting next month. "We think the RBNZ will pause in July. Beyond that, it's a tightrope walk of what seems to be stagflationary risks. We do not envy the hand our friends (at the RBNZ) have been dealt," ASB Chief Economist Nick Tuffley said. Council of Trade Unions chief economist Craig Rennie said the GDP figures showed the government's failure to spark the economy. The right-leaning coalition, led by Chris Luxon, took office in November 2023 and has reined in public spending at a time when many, including the CTU, argued for a fiscal boost. "The economy is still smaller than at the election in real terms. With more recent data suggesting that the economy is struggling to grow, there is a real danger that we return to slow, no, or negative growth," Mr Rennie said. "There are 23,000 more people on Jobseekers (benefit) this year. 48 per cent of workers in New Zealand got a pay cut in real terms. Business and consumer confidence are at levels associated with recessions. "One quarter of data shouldn't blind the government of the need for change." New Zealand's Q1 bump is healthy compared to Australia's 0.2 per cent increase in the same three months - though New Zealand's 1.1 per cent contraction over the last 12 months is well short of Australia's 1.3 per cent growth. New Zealand's economy is rebounding towards better health, posting 0.8 per cent GDP growth in the first three months of the year. However, the Kiwi economy is still 1.1 per cent smaller than it was a year ago, such was the damage from a 2024 recession, with warnings of dire times and tough choices ahead. On Thursday, Stats NZ revealed growth figures for Q1 2025, which improved on predictions from the Reserve Bank (RBNZ)of an 0.4 per cent uptick. "Nine of the 16 industries increased, with the largest rises in business services and manufacturing," spokesperson Katrina Dewbery said. The quarterly jump is the best result in almost two years, with GDP per capita was also up in the March quarter, growing by 0.5 per cent. Acting prime minister David Seymour called the result "a tribute to New Zealanders" and Finance Minister Nicola Willis described it as "great news". "Hard working people have knuckled down through a very challenging period and today's figure summarises that," Mr Seymour said. While politicians were pleased at the result, there's little doubt New Zealand is in a tough spot economically. Two particularly troubled industries - mining and construction - posted growth of 1.0 and 0.5 per cent in the quarter, but are down 11.2 and 9.3 per cent over the last year. BNZ senior economist Doug Steel said more recent data on services (two-thirds of the Kiwi economy) and manufacturing looked "nothing short of disastrous". "There are clear warnings that the New Zealand economy has hit a brick wall in Q2 and this is despite the substantial revenue growth flowing from the agricultural sector," he wrote. "Many businesses noted reduced demand and falling revenues due to rising costs, economic uncertainty and low consumer confidence." Mr Steel said it made a clear argument for further stimulus from the country's central bank, which has already eased the official cash rate from 5.5 per cent last August to the current position of 3.25 per cent. However, other banks point to the above-expectations headline GDP data as a reason to hold fire at the bank's meeting next month. "We think the RBNZ will pause in July. Beyond that, it's a tightrope walk of what seems to be stagflationary risks. We do not envy the hand our friends (at the RBNZ) have been dealt," ASB Chief Economist Nick Tuffley said. Council of Trade Unions chief economist Craig Rennie said the GDP figures showed the government's failure to spark the economy. The right-leaning coalition, led by Chris Luxon, took office in November 2023 and has reined in public spending at a time when many, including the CTU, argued for a fiscal boost. "The economy is still smaller than at the election in real terms. With more recent data suggesting that the economy is struggling to grow, there is a real danger that we return to slow, no, or negative growth," Mr Rennie said. "There are 23,000 more people on Jobseekers (benefit) this year. 48 per cent of workers in New Zealand got a pay cut in real terms. Business and consumer confidence are at levels associated with recessions. "One quarter of data shouldn't blind the government of the need for change." New Zealand's Q1 bump is healthy compared to Australia's 0.2 per cent increase in the same three months - though New Zealand's 1.1 per cent contraction over the last 12 months is well short of Australia's 1.3 per cent growth. New Zealand's economy is rebounding towards better health, posting 0.8 per cent GDP growth in the first three months of the year. However, the Kiwi economy is still 1.1 per cent smaller than it was a year ago, such was the damage from a 2024 recession, with warnings of dire times and tough choices ahead. On Thursday, Stats NZ revealed growth figures for Q1 2025, which improved on predictions from the Reserve Bank (RBNZ)of an 0.4 per cent uptick. "Nine of the 16 industries increased, with the largest rises in business services and manufacturing," spokesperson Katrina Dewbery said. The quarterly jump is the best result in almost two years, with GDP per capita was also up in the March quarter, growing by 0.5 per cent. Acting prime minister David Seymour called the result "a tribute to New Zealanders" and Finance Minister Nicola Willis described it as "great news". "Hard working people have knuckled down through a very challenging period and today's figure summarises that," Mr Seymour said. While politicians were pleased at the result, there's little doubt New Zealand is in a tough spot economically. Two particularly troubled industries - mining and construction - posted growth of 1.0 and 0.5 per cent in the quarter, but are down 11.2 and 9.3 per cent over the last year. BNZ senior economist Doug Steel said more recent data on services (two-thirds of the Kiwi economy) and manufacturing looked "nothing short of disastrous". "There are clear warnings that the New Zealand economy has hit a brick wall in Q2 and this is despite the substantial revenue growth flowing from the agricultural sector," he wrote. "Many businesses noted reduced demand and falling revenues due to rising costs, economic uncertainty and low consumer confidence." Mr Steel said it made a clear argument for further stimulus from the country's central bank, which has already eased the official cash rate from 5.5 per cent last August to the current position of 3.25 per cent. However, other banks point to the above-expectations headline GDP data as a reason to hold fire at the bank's meeting next month. "We think the RBNZ will pause in July. Beyond that, it's a tightrope walk of what seems to be stagflationary risks. We do not envy the hand our friends (at the RBNZ) have been dealt," ASB Chief Economist Nick Tuffley said. Council of Trade Unions chief economist Craig Rennie said the GDP figures showed the government's failure to spark the economy. The right-leaning coalition, led by Chris Luxon, took office in November 2023 and has reined in public spending at a time when many, including the CTU, argued for a fiscal boost. "The economy is still smaller than at the election in real terms. With more recent data suggesting that the economy is struggling to grow, there is a real danger that we return to slow, no, or negative growth," Mr Rennie said. "There are 23,000 more people on Jobseekers (benefit) this year. 48 per cent of workers in New Zealand got a pay cut in real terms. Business and consumer confidence are at levels associated with recessions. "One quarter of data shouldn't blind the government of the need for change." New Zealand's Q1 bump is healthy compared to Australia's 0.2 per cent increase in the same three months - though New Zealand's 1.1 per cent contraction over the last 12 months is well short of Australia's 1.3 per cent growth.
The Advertiser
a day ago
- Business
- The Advertiser
New Zealand enjoys GDP bump of 0.8 per cent in QI
New Zealand's economy is rebounding towards better health, posting 0.8 per cent GDP growth in the first three months of the year. However, the Kiwi economy is still 1.1 per cent smaller than it was this time last year, such was the damage from a 2024 recession. On Thursday, Stats NZ revealed growth figures for Q1 2025, which improved on predictions from the Reserve Bank of an 0.4 per cent uptick. "Nine of the 16 industries increased, with the largest rises in business services and manufacturing," spokesperson Katrina Dewbery said. The quarterly jump is the best result in almost two years, with GDP per capita was also up in the March quarter, growing by 0.5 per cent. New Zealand's economy is rebounding towards better health, posting 0.8 per cent GDP growth in the first three months of the year. However, the Kiwi economy is still 1.1 per cent smaller than it was this time last year, such was the damage from a 2024 recession. On Thursday, Stats NZ revealed growth figures for Q1 2025, which improved on predictions from the Reserve Bank of an 0.4 per cent uptick. "Nine of the 16 industries increased, with the largest rises in business services and manufacturing," spokesperson Katrina Dewbery said. The quarterly jump is the best result in almost two years, with GDP per capita was also up in the March quarter, growing by 0.5 per cent. New Zealand's economy is rebounding towards better health, posting 0.8 per cent GDP growth in the first three months of the year. However, the Kiwi economy is still 1.1 per cent smaller than it was this time last year, such was the damage from a 2024 recession. On Thursday, Stats NZ revealed growth figures for Q1 2025, which improved on predictions from the Reserve Bank of an 0.4 per cent uptick. "Nine of the 16 industries increased, with the largest rises in business services and manufacturing," spokesperson Katrina Dewbery said. The quarterly jump is the best result in almost two years, with GDP per capita was also up in the March quarter, growing by 0.5 per cent. New Zealand's economy is rebounding towards better health, posting 0.8 per cent GDP growth in the first three months of the year. However, the Kiwi economy is still 1.1 per cent smaller than it was this time last year, such was the damage from a 2024 recession. On Thursday, Stats NZ revealed growth figures for Q1 2025, which improved on predictions from the Reserve Bank of an 0.4 per cent uptick. "Nine of the 16 industries increased, with the largest rises in business services and manufacturing," spokesperson Katrina Dewbery said. The quarterly jump is the best result in almost two years, with GDP per capita was also up in the March quarter, growing by 0.5 per cent.
Perth Now
a day ago
- Business
- Perth Now
New Zealand enjoys GDP bump of 0.8 per cent in QI
In good news for leader Christopher Luxon, New Zealand has had its best GDP result in two years. (AP PHOTO) Credit: AAP New Zealand's economy is rebounding towards better health, posting 0.8 per cent GDP growth in the first three months of the year. However, the Kiwi economy is still 1.1 per cent smaller than it was this time last year, such was the damage from a 2024 recession. On Thursday, Stats NZ revealed growth figures for Q1 2025, which improved on predictions from the Reserve Bank of an 0.4 per cent uptick. "Nine of the 16 industries increased, with the largest rises in business services and manufacturing," spokesperson Katrina Dewbery said. The quarterly jump is the best result in almost two years, with GDP per capita was also up in the March quarter, growing by 0.5 per cent.
