New Zealand's Gross Domestic Product (GDP) experienced a positive turnaround in the first quarter of 2024, reaching a growth rate of 0.3%. This marks an improvement from the previous quarter, where the GDP had contracted by 0.3% in the fourth quarter of 2023. The new data, updated on June 19, 2024, reflects a year-over-year comparison for the same period.
The latest figures highlight a significant recovery for New Zealand's economy, showcasing resilience and a return to growth after a period of decline. This shift from negative to positive growth is an encouraging sign for policymakers and investors, who have been closely monitoring the country's economic performance.
As New Zealand continues to navigate through global economic challenges, the positive movement in the GDP indicates a strengthening domestic market and potential for further economic stability and expansion in the coming quarters.
