NZ economy dips its toe into recessionary waters

NZ economy dips its toe into recessionary waters
Growth was washed out in the March quarter. (Image: Getty)
Paul McBeth
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...

More Economy

Core Crown tax revenue higher than expected in May accounts
Economy

Core Crown tax revenue higher than expected in May accounts

Government tax intake is $1.57 billion higher than forecast, according to the latest Crown accounts.Treasury released the interim financial statements for the 11 months ended May 31 on Wednesday morning, which showed core Crown tax revenue was $111.12b.This was 1.4% more than the...

Albanese pledges prosperity through manufacturing boost
Economy

Albanese pledges prosperity through manufacturing boost

Renewable energy and critical minerals key focus of $24 billion strategy.

AAP 10:00am
Business gloom offers inflation hope
Economy

Business gloom offers inflation hope

The New Zealand Institute of Economic Research’s (NZIER) Quarterly Survey of Business Opinion shows a continued deterioration in business confidence in the second quarter.A net 35% of firms expected a deterioration in the general economic outlook over the coming months on a seaso...

Staff reporters 02 Jul 2024