The Body of a 15-year-old boy has been located in a New South Wales river after he went missing on New Year's Eve.

Two boys, aged 15 and 16, went for a swim in the Shoalhaven River west of Nowra at around 6.30 pm when they got into difficulty.

The 15-year-old disappeared below the water before emergency services were alerted.

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The body of the 15-year-old was recovered by divers at 1.30pm today.

A report will be prepared for the Coroner.