The country's economy shrank by 0.1% in the quarter to December, and 0.7% in per capita terms.
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 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.New Zealand has entered another recession. 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.
Without that population growth stimulating an otherwise stagnant economy, New Zealand’s economic position would be slipping at an even faster rate.
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