Economy / FinanceOceaniaRomeo Full Staff

New Zealand’s Economy Falls into Recession


New Zealand economy tips into recession   WELLINGTON: New Zealand’s economy has fallen into a recession, according to official data released Thursday, with a damaging cyclone fuelling a widespread downturn just months before a national election. Stats NZ signalled the economy had contracted 0.1 percent in the first quarter, after a fall of 0.7 percent at the end of 2022. Four months before the country goes to the polls, finance minister Grant Robertson admitted that entering recession was “not a surprise”. “We know 2023 is a challenging year as global growth slows, inflation has stayed higher for longer and the…

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