GDP slipped 0.1 per cent in the fourth quarter, missing economist forecasts, as the country continues to grapple with higher borrowing costs.
Already a subscriber?New Zealand’s economy unexpectedly contracted in the final three months of last year, confirming a recession and sending the currency initially lower as traders boosted bets on interest-rate cuts.
The RBNZ has held the Official Cash Rate at 5.5 per cent since May, and last month signalled it didn’t intend to lower rates until 2025, citing record immigration and stubborn core inflation.
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