Real estate helps NZ out of recession

21st March 2025 By Staff Reporter | news@propertyticker.co.nz | @propertyticker

New Zealand’s economy has surprised economists by moving out of recession, growing 0.7% in the three months to the end of December 2024.

The rise in New Zealand’s gross domestic product in the December 2024 quarter followed a 1.1% decrease in the September 2024 quarter, according to figures released by Stats NZ.

Eleven of the 16 industries increased this quarter, with the largest rises were from rental, hiring and real estate services; retail trade and accommodation; and healthcare and social assistance.

“Higher spending by international visitors led to increased activity in tourism-related industries such as accommodation, restaurants and bars, transport and vehicle hiring,” said Stats NZ economic growth spokesperson Katrina Dewbery.

The primary sector also delivered a boost off the back of strong production and good export prices for dairy and meat.

Most economists had forecast growth ranging between 0.2% and 0.5%.