NZ economy dips its toe into recessionary waters

Growth was washed out in the March quarter. (Image: Getty)

Thu, 15 Jun 2023

New Zealand’s economy slipped ever-so-gently into recessionary waters as widespread flooding and a cyclone shut down economic activity across swathes of the North Island in the early months of the year. Gross domestic product shrank 0.1% in the three months ended March 31, following on from a slightly larger contraction than previously reported of 0.7% in the December period, Statistics NZ said. Economists were divided on whether the economy slipped into recession in the first three months of the year, and Treasury officials wer...

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