DTNZ: NZ economy shrinks as retail, construction and agriculture struggle

New Zealand’s economy shrank by 0.2 percent in the second quarter of 2024, as key sectors like retail, construction, and agriculture saw significant declines, according to data from Stats NZ.

Retail and wholesale trade have been on a downward trend since 2022, with declines of 1.3 percent this quarter. A 0.4 percent contraction in construction, combined with reduced forestry and logging, further hit agricultural output.