GDP figures: welcome to the L-shaped recovery

Last week’s GDP figures are ugly, but some perspective is needed. (Image: Getty)

Tue, 23 Sep 2025

Calm your farm.That is my reaction after last week’s shocking GDP figures.The knives have nonetheless come out, sticking it to the minister of finance and the Reserve Bank of New Zealand (RBNZ).There is certainly ugliness in the headline fall in GDP of 0.9% in the quarter. The economy is around the same size as it was in the second half of 2022. GDP per capita is down 2.1% in the past year. However, some perspective is needed.Bring out the bazookasSociety, businesses and politicians like and demand V-shaped recoveries. Economic weakness i...

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