New Zealand's economy entered recession in Q4 2022, with two consecutive quarters of GDP decline.
New Zealand's economy slipped into a recession in Q4 2022, with GDP falling 0.1%. This is the second consecutive quarter of economic contraction, following a 0.3% decline in Q3. Weak consumer spending and wholesale trade are the primary drivers of the recession. This marks the second recession in 18 months for the country, with an annual growth rate of 0.6%.
March 20, 2024
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