New Zealand sees most citizens leave since 2012 as economy cools
Foreign workers are also increasingly reluctant to head to New Zealand when work is scarce
[WELLINGTON] New Zealand recorded the most citizen departures in 13 years in the 12 months to June, reducing the net gain through immigration to the lowest in more than two and a half years.
Some 71,851 citizens departed the country in the period, the most since June 2012, Statistics New Zealand said on Friday (Aug 15) in Wellington. There were 25,353 returning citizens, resulting in a net exodus of 46,497.
Many citizens have opted to look overseas, particularly to Australia, for better paying jobs amid a cooling economy and rising unemployment at home. Foreign workers are also increasingly reluctant to head to New Zealand when work is scarce, resulting in a steady decline in net annual immigration to 13,702, the lowest since November 2022.
Net annual immigration is down from a peak of 135,529 in October 2023.
While citizen departures have increased, it is the slump in arrivals that has mainly driven the overall decline in net immigration.
The economy is struggling to recover from a deep recession last year, with unemployment rising as businesses curb investment and hiring. Some local economists predict growth stalled in the three months to June while the Reserve Bank of New Zealand has projected annual average growth of just 0.7 per cent this year.
About 59 per cent of all citizen departures were to Australia, the statistics agency said, citing data for the year ended December that is the most recent available.
Citizen departure rates tend to be concentrated in younger age groups, with 38 per cent of those leaving in the year to June aged between 18 and 30, the statistics agency said. BLOOMBERG
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