78,000 left the country in the 12 months to October
New Zealand's working-age population grew at a slower pace in 2024, as an increasing number of younger citizens sought opportunities abroad, driving a decline in the domestic labour pool.
Statistics New Zealand reported an increase of 56,200 residents aged 15 and over eligible to work in the year ending December, bringing the total to an estimated 4,325,700.
This marks a significant slowdown from the revised growth of 69,900 recorded in September, the smallest annual rise since December 2022.
This slower workforce expansion comes as a record number of New Zealanders, 78,000, left the country in the 12 months to October.
Experts attribute the exodus to a sluggish domestic economy that has curbed job creation, prompting many to seek better opportunities overseas.
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Quarterly figures revealed some signs of stabilisation. In the three months to December, the working-age population grew by 14,600, an improvement from the revised 10,500 increase in the September quarter. However, this is still well below the quarterly average of 34,000 seen in 2023.
The report also suggests the emigration trend may be easing, as citizen departures dropped to fewer than 5,000 in October, compared to an average of 7,200 a month in the first half of 2024.
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As New Zealand continues to experience slower workforce growth and ongoing emigration, questions remain about the long-term impact on the economy. The nation may face continued challenges in securing a stable labour force as businesses adapt to these shifting dynamics.
How do you think these trends will shape the future of the economy? Share your thoughts below.
