(Corrected heading, paragraphs 1, 2 and 6 to say 12 months to November not “year to November”, corrected paragraph 6 to say 12 months ending October not “year to October “, omitted words are added in the quotation in paragraph 10)

By Lucy Craymer

WELLINGTON (Reuters) – People leaving New Zealand hit a record level in the 12 months to November 2024, in another sign of economic weakness in the country that moved into a technical recession in the third quarter. .

Data released by Statistics New Zealand on Thursday showed 127,800 people left the Pacific nation in the 12 months to November, up 28% on the previous 12-month period. This is temporarily the highest number of people who have left in an annual period ever, according to the statistics bureau.

Of those who left, more than 50% were New Zealand citizens, according to the data.

New Zealand, with a population of just 5.3 million, has seen its economy struggle for the past two years as the central bank raised the official cash rate to slow historically high inflation.

Michael Gordon, senior economist at Westpac, said that many people come to New Zealand for job opportunities and when these dry people leave.

“It’s about job opportunities, especially here (New Zealand) versus Australia. The Australian economy is still running strong,” said Gordon. “There are a lot of opportunities out there now so we’re seeing a high influx of Kiwis.”

However, people leaving continue to be balanced by internal migration.

Statistics New Zealand says net migration – the number of people who move permanently to New Zealand minus those who leave New Zealand – will be at 30,600 in the 12 months to November 2024. Net migration has increased by 12 month ending October 2023 at 135,700.

Gordon added that net migration has returned to the historical average and that in the long term net migration will support the country’s economy.

“It’s something to remember, that for a large part of the world, New Zealand is an attractive place to live, but also for us (New Zealanders) there are places that are more attractive like Australia, or go to the US or the UK,” said Gordon.