'Behemoth' drop: GDP shrinks 3.7% in September quarter

The GDP decline reflected a widespread drop in economic activity due to the covid-19 alert level restrictions. (Image: Getty)

Rebecca Howard

Thu, 16 Dec 2021

New Zealand’s economy shrank by 3.7% in the September quarter, the second-largest contraction since 1986.Stats NZ said the decline reflects a widespread drop in economic activity due to the covid-19 alert level restrictions and nationwide lockdown implemented in the second half of the quarter.It follows a 2.4% expansion in the June 2021 quarter.Economists, however, had tipped the economy to fall as much as 4.5% and the Reserve Bank of New Zealand had forecast a 7% drop.Some industries were more affected than others.“The four industr...

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