New Zealand Officially in Recession as Second-Quarter GDP Posts Record Decline

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…..


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