The latest NZIER Consensus Forecasts show a further downward revision to the growth outlook for the coming year. Forecasts of annual average GDP growth for the years ending March 2024 and March 2025 have been revised lower to 0.2 percent and 0.6 percent, respectively. The revisions suggest a further weakening in the growth outlook for the coming year, given the New Zealand GDP has already declined for two quarters in a row. The dampening effects of higher interest rates on demand are expected to continue to drive a slowing across the New Zealand economy. Over the longer term, the migration-led population growth is expected to support a recovery in demand.