People are leaving New Zealand in record numbers in the 12 months to November Reuters writes
(Corrects title, paragraphs 1, 2 and 6 to say 12 months to November, not “year to November”, corrects paragraph 6 to say 12 months ending October, not “year to October”, adds missing words in quotation marks in paragraph 10)
By Lucy Craymer
WELLINGTON (Reuters) – The number of people leaving New Zealand hit record levels in the 12 months to November 2024, another sign of weakness in the country’s economy, which slipped into a technical recession in the third quarter.
Figures released by Statistics New Zealand on Thursday showed 127,800 people left the Pacific country in the 12 months to November, up 28% on the previous 12 months. This was temporarily the largest number of people who left in one year period ever, according to the statistical office.
Of those who left, more than 50% were New Zealand citizens, according to the data.
New Zealand, which has a population of just 5.3 million, has seen its economy struggle in recent years as the central bank raised the official cash rate to ease historically high inflation.
Michael Gordon, senior economist at Westpac, said a lot of people come to New Zealand for job opportunities, and when those dry up, people leave.
“It’s about job opportunities, especially here (New Zealand) compared to Australia. The Australian economy is still pretty good,” Gordon said. “There’s more opportunity out there now so we’re seeing quite a large exodus of Kiwis.”
However, the departure of people is still compensated by internal migration.
Statistics New Zealand said net migration – the number of people who moved permanently to New Zealand less those leaving New Zealand – was 30,600 in the 12 months to November 2024. Net migration peaked in the 12 months ending October 2023 . at 135,700.
Gordon added that net migration has now returned to historical averages and that in the long term net migration will support the country’s economy.
“You have to remember that for much of the world New Zealand is an attractive place to live, but for us (New Zealanders) there are places that look more attractive like Australia or going to the US or the UK,” Gordon said.
