Stats NZ has released that the Gross domestic product (GDP) rose by 1.7 percent in the June 2022 quarter, following a 0.2 percent fall in the March 2022 quarter. The services industries, which make up about two-thirds of the economy, were the main contributor to the increase, up 2.7 percent.
“The reopening of borders, easing of both domestic and international travel restrictions, and fewer domestic restrictions under the Orange traffic light setting supported growth in industries that had been most affected by the COVID-19 response measures,” said Ruvani Ratnayake, national accounts – industry and production senior manager.
“In the June 2022 quarter, households and international visitors spent more on transport, accommodation, eating out, and sports and recreational activities.”
Overall household spending declined by 3.2 percent, driven by lower spending on goods such as used motor vehicles and audio-visual equipment, with a similar fall seen in retail trade activity.
The disruption caused by the Covid-19 pandemic has led to significant changes to typical seasonal patterns of economic activity. International visitor expenditure grew in the June 2022 quarter as border restrictions eased. This is in contrast to the strong falls that were observed in pre-pandemic June quarters, following the peak summer tourist season.
