pennfathom3|New Zealand GDP up 0.2 pct in Q1

WELLINGTONpennfathom3, June 20 (Xinhua) -- New Zealand's gross domestic product (GDP) rose 0.2 percent in the March 2024 quarter, following two quarters of contraction, the statistics department Stats NZ said on Thursday.

The December 2023 quarter saw a decrease of 0.1 percent in GDP, Stats NZ said, adding that the New Zealand economy in 2024's first quarter was stronger than economists had expected.

The growth was driven by rental, hiring and real estate services, up 0.9 percent, it said, adding that electricity generation drove a 2.9 percent increase in electricity, gas, water and waste services. Eight of the 16 industries rose this quarter, while falls were seen in construction, business services, and manufacturing, Stats NZ national accounts industry and production senior manager Ruvani Ratnayake said.

"While manufacturing fell overall, food and beverage manufacturing was up," Ratnayake said, adding that this was reflected in a rise of dairy product exports, such as milk powder.

GDP per capita decreased by 0.3 percent in the March 2024 quarter due to the growth in population. This was the sixth consecutive quarterly fall, he said.

Annually, GDP per capita fell 2.4 percent, he said.■