Recession ends
Stats NZ reports:
New Zealand’s gross domestic product (GDP) rose 0.7 percent in the December 2024 quarter
This is well above market expectations, so is welcome good news.
The history of recent recessions is:
- Jan 2008 – June 2009: -2.5%
- Jul 2010 – Dec 2010: -0.8%
- Jan 2020 – June 2020: -11.5%
- Apr 2024 – Sep 2024: -2.1%
Average annual economic growth from 2018 to 2024 was just 1.8% a year. From 2012 to 2018 it averaged 3.0% a year.