Recession no more: GDP bounces

Flooding caused economic havoc in the first part of the year. (Image: Getty)

Thu, 21 Sep 2023

The New Zealand economy grew 0.9% in the second quarter, keeping the country out of recession and exceeding expectations. Gross domestic product (GDP) rose 3.2% in the year ended June 2023.Economists had forecast NZ would rebound back into growth in the second quarter of the year.What they hadn't counted on was a revision to the March quarter GDP figures from 0.1% contraction to zero, effectively calling into question whether there was even a recession at all.The technical definition of a recession is two-quarters of negative growth,...

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