Yes and you can guarantee that this quarter is no better.
Think how many households are refixing on higher rates this calendar year. Only more pain to come for the economy.
https://www.interest.co.nz/public-po...uring-december
New Zealand’s economy got 0.1% smaller in the last three months of 2023, bringing annual growth for the calendar year to just 0.6%.
Stats NZ reported gross domestic product had fallen for a second quarter, after the 0.3% decline in the September quarter.
This result was a small surprise for forecasters who expected 0.1% growth and the Reserve Bank which predicted no change during the quarter.
The largest downward drivers came from a 1.8% decline in the wholesale trade of items such as groceries, liquor, machinery, and equipment, Stats NZ said.