Business Update – 20 December 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Economy shrinks 0.3 percent in three months ended September

The economy shrank in the third quarter as households spent less, exports fell, and manufacturing activity decreased. Stats NZ data showed seasonally adjusted gross domestic product (GDP) fell 0.3 percent in the three months ended September, compared to expectations of a 0.2 percent rise.

Production at ‘stubbornly low’ level as manufacturing woes continue

The country’s manufacturing sector is continuing to battle tough economic conditions, recording its ninth consecutive month of contraction, despite an improvement in activity.

NZ Economy: Turning the page

The latest BusinessNZ Planning Forecast shows business confidence is increasing, but New Zealand’s economic growth is still expected to be relatively low over the forecast period out to December 2025.

Surging migration expected to lift economic output

Net migration of 120,000 in 2023 has helped to grow the population by 2.7% but though this has supported higher output and demand, it’s also contributing to higher rents, keeping inflation elevated.

BNZ Head of Research Stephen Toplis on the NZ economy ‘bouncing along the bottom’ and what to expect in 2024

The first-half of 2024 is likely to be tough with rising unemployment and more businesses failing as the economy “bounces along the bottom,” says BNZ Head of Research Stephen Toplis.

EMA: Restructuring, redundancy support requests up by nearly 50%

Requests for restructuring and redundancy support increased by “nearly 50%” in the year to November, with a strong uptick recorded in the past four months, according to the Employers and Manufacturers Association (EMA).

Ministers, Mayor and Chair agree to end Let’s Get Wellington Moving

New Zealand’s government, Wellington’s Mayor and Greater Wellington Regional Council’s Chair have agreed to end the ‘Let’s Get Wellington Moving’ project.

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