New Zealand Enters Recession with Consecutive Quarterly Contractions

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Last Updated: June 15, 2023, 05:52 IST

New Zealand entered a technical recession at the start of the year, registering its second consecutive quarterly contraction with a dip of 0.1 percent, figures from statistics agency Stats NZ showed Thursday.

The drop in gross domestic product for the first three months followed a 0.7 percent fall in the December 2022 quarter, meeting the technical definition of a recession.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – AFP)

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