The latest data is out, giving an overview of the key trends and changes in the December 2024 quarter, and year to date.

Published ahead of the in-depth Quarterly Economic Snapshot, this 60 Seconds email gives a high level overview of where our region is tracking against the national context.

While GDP growth for Manawatū is in the negative, declining 0.1% for the year to December 2024, this comes off the back of a very strong few years of growth for our region.

The region’s unemployment rate (3.9%) is slightly lower than the national average of 4.7%, which signals a slight softening in labour conditions. Meanwhile, Manawatū’s median earnings, based on latest data available (YE Dec 23) have increased 8.1% which is higher than the national rate of 6%, a sign of economic strength for our region.

Annual consumer spend from electronic card transactions for the 2024 calendar year in our region saw a slight decrease of 0.8%, which is slightly lower than the New Zealand increase of 0.1%. The challenging times for our businesses and households continue, with high living costs impacting overall discretionary spending.

This email is a quick overview of the latest data and insights for our region, against a national context. The Manawatū Quarterly Economic Snapshot which offers more detailed insights, trends, and commentary from key sectors will be released in the coming weeks.