New Zealand economy grows faster in year to March 2024, revised data shows

SYDNEY (Reuters) – New Zealand’s economy widened more than initially reported in the annual year ended March 2024, according to revised government data released on Wednesday.

Gross domestic product (GDP) for the year ended March 2024 was revised to 1.4%, a substantial increase from the previously reported 0.3% annual growth, data from Statistics New Zealand showed.

The revised data showed stronger growth in agriculture, forestry, and fishing, along with an improvement in the construction sector.

The revisions imply New Zealand’s recent growth performance has not been as weak as previously estimated, Westpac economist Michael Gordon said in a note.

The decline in per capita GDP, while still large, has not been as steep as initially estimated, he said.

Statistics New Zealand will report its third-quarter GDP figures on Dec. 19.