Liam Dann: NZ Herald Business Editor on the GDP figures and New Zealand no longer being in a recession

The economy grew 0.9 per cent in the second quarter, lifting the country out of recession and exceeding expectations. In fact, based on revisions to earlier numbers, the economy may not have been in a technical recession at all. GDP rose 3.2 per cent in the year ended June 2023. Strong net migration buoyed the numbers but the better than expected performance from sectors like manufacturing meant growth remained marginally positive even on a per capita basis. Economists had forecast New Zealand would rebound back into growth in the second quarter of the year. Estimates for June quarter GDP (gross domestic product) ranged from growth of 0.4 per cent to growth of 0.8 per cent. But higher dairy, forestry, and meat exports helped drive the growth of 0.9 per cent in the second quarter. Read the full article here.See omnystudio.com/listener for privacy information.