New Zealand recorded its weakest population growth in 30 years in the 12 months through to March, underscoring labour market tightness that’s driving faster inflation and forcing aggressive interest-rate increases.
While the population rose due to natural increases, the pace of expansion has decelerated markedly due to the closure of the border to foreigners since March 2020. A lack of immigrant workers has pushed annual wage growth to 3.1%, the fastest pace since 2008, fueling faster inflation and higher rates.There were 26,400 more births than deaths in the year through March, while migration fell by 7,300.
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