Differing messages on the economy
While the economy took its first step into recovery and ended 2024 on a better note, there are still pockets of significant weakness.
Construction alone took away 0.2% of growth, with a sizeable, but not unexpected, 3.1% decline in activity, Kiwibank says.
“High building costs and a still sluggish housing market is not an environment conducive of a lift in construction activity,” Mary Jo Vergara and Sabrina Delgado, Kiwibank economists say.
Meanwhile everything within the professional services landscape, from business services to public admin to media, continues to suffer under the weight of a deteriorating labour market. The number of total hours worked continued over 2024 fell a chunky 2.5%.
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