New Zealand's economy has shown signs of recovery in the first quarter of 2024, as the Gross Domestic Product (GDP) has increased by 0.2%, according to the latest data released on June 19, 2024. This is a positive shift from the -0.1% decline experienced in the fourth quarter of 2023.
The quarter-over-quarter improvement highlights a turnaround in the economic environment, with the current GDP growth marking a notable change compared to the previous period. In the last quarter of 2023, the country's GDP contracted by -0.1% when compared to the third quarter, signaling a period of economic challenges.
Economists are viewing this 0.2% growth as an encouraging sign, suggesting potential momentum for the rest of the year. The focus will now be on sustaining and potentially accelerating this growth to ensure a stable economic landscape for New Zealand moving forward.
