A net 47,000 New Zealanders left in the year-ended December, while 173,000 non-New Zealanders arrived, according to Stats NZ data. (file image) Photo: RNZ / Emma Stanford
A record number of New Zealand citizens left the country in 2023, but migration gains show signs of softening.
A net 47,000 New Zealanders left in the year-ended December, while 173,000 non-New Zealanders arrived, data from Stats NZ showed.
Annual net migration gains fell for the second straight month, but the gain of 126,000 remained close to record levels.
It compared to a net migration gain of 132,000 in the 12 months ended November, and the record gain of an annual 134,000 in October.
When looking at seasonally adjusted monthly statistics, the country gained 7260 migrants in December, slightly higher than the 6870 in November.
But monthly gains have been generally trending down since August, when it was 14,460.
Westpac senior economist Michael Gordon said migrant inflows appeared to have passed the peak.
"We continue to keep an eye on two issues. The first is the extent to which migrant inflows recede, or whether they remain historically high. It's likely that we're still seeing a catch-up on movements that were delayed during the Covid border closure," Gordon said.
"The second issue is how the accumulated inflow of migrants to date will affect the economy. The effects can be mixed - alleviating supply-side constraints in some areas, while adding to pressures in other areas such as the pressure on the housing stock."
The latter point would be of particular concern to the Reserve Bank, which was worried about the inflationary impact of migration, Gordon said.