NZ expected to stumble from one recession into another

NZ expected to stumble from one recession into another
BNZ now forecasts the economy will contract in the final quarter of this year and the first quarter of 2024. (Image: Bloomberg)
Bloomberg
By Tracy WithersNew Zealand may emerge from recession in the current quarter but it will quickly stumble into another one.That’s the view of economists at three of the nation’s biggest banks, who predict a second recession beginning later this year.“Economic momentum has ground to a halt,” said Mike Jones, chief economist at the Bank of New Zealand (BNZ) in Wellington. “It looks as if this broad state of affairs will be with us until at least the end of the year.”BNZ now forecasts the economy will contra...

More Economy

Trade data shows imports down, exports up in November
Economy

Trade data shows imports down, exports up in November

The latest trade data follow Thursday's dire GDP result.

Staff reporters 20 Dec 2024
GDP plunge may spur speculation about a 75bps cut
Economy

GDP plunge may spur speculation about a 75bps cut

The past two quarters mark the weakest six months since June 1991. 

Rebecca Howard 19 Dec 2024
Massive GDP fall: NZ in deep recession
Economy

Massive GDP fall: NZ in deep recession

New Zealand’s gross domestic product fell 1.0% in the September 2024 quarter.The massive fall came after a revised 1.1% decrease in the June 2024 quarter, according to figures released by Stats NZ on Thursday.“The structure of the New Zealand economy can change quickly, which is...

Staff reporters 19 Dec 2024