WELLINGTON (Reuters) – New Zealand fell into its deepest economic slump on record in the second quarter as its battle against the coronavirus pandemic paralysed business activity, official data showed on Thursday.
Gross domestic product contracted a seasonally adjusted 12.2% quarter-on-quarter, its sharpest quarterly contraction on record and largely in line with economists polled by Reuters who had forecast a 12.8% decline. GDP fell 12.4% year-on-year.
The Reserve Bank of New Zealand had forecast a quarterly decline of 14.2% and an annual contraction of 14.4%. Read more…..
Chart of the Day
Democratic nominee Joe Biden says he will raise corporate tax rates on the first day of his presidency if he wins the 2020 election. Lisa Cook, Michigan State University professor of economics, joins ‘Closing Bell’ to talk about this issue.