Covid plunges New Zealand into worst recession in decades
Prime Minister Jacinda Ardern defends lockdown measures as GDP contracts 12.2% quarter on quarter
17 September 2020 - 17:56
Wellington — New Zealand fell into its deepest economic slump on record in the second quarter as its battle against the coronavirus pandemic paralysed business activity, official data showed on Thursday.
GDP contracted a seasonally adjusted 12.2% quarter on quarter, its sharpest quarterly contraction on record and largely in line with economists polled by Reuters who had forecast a 12.8% decline. GDP fell 12.4% year onyear...
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