BRIAN GAYNOR: NZ GDP – Smashing all previous records

Fri, 19 Jun 2020

Statistics NZ revealed this week that the New Zealand economy contracted by 1.6 percent in the March quarter, on a seasonally adjusted basis, compared with the previous quarter. This was the largest quarterly drop in 29 years.This negative 1.6 percent figure only includes economic activity up to March 31; the June quarter GDP number will contain most of the lockdown period.Thus, the worst and the best are yet to come with the current June quarter expected to produce a record decline of 20 percent or more while the September quarter should...

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