New Zealand slips into its 2nd recession in 18 months
It’s economy shrank by 0.1% in the quarter to December, and 0.7% in per capita terms
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Wellington: New Zealand has entered its second recession in 18 months after the latest round of GDP figures confirmed its economy contracted in the last quarter of 2023.
The country’s economy shrank by 0.1 per cent in the quarter to December, and 0.7 per cent in per capita terms, the New Zealand’s official statistics agency, Stats NZ, announced on Thursday. The latest slip follows a 0.3 per cent contraction in the September quarter, which fulfils the technical definition of a recession. It is New Zealand’s second recession event in the past 18 months.
Stats NZ said the country New Zealand had returned negative GDP figures in four of the last five quarters, and had a stagnant annual growth rate of just 0.6 per cent. The slump was largely expected with New Zealand’s central bank forecasting a flat figure, while bank economists suggested a range of results between a narrow contraction and fractional growth.
