New Zealand economy falls into technical recession

SGGP June 16, 2023 09:07

New Zealand's economy has entered a technical recession, CNBC reported. According to newly released data, the New Zealand economy contracted by 0.1% in the first quarter of 2023, after recording a 0.7% decline in the fourth quarter of 2022. The figures mean that the New Zealand economy has entered a technical recession with two consecutive quarters of negative growth.

Sectors such as agriculture, manufacturing, transport and services all recorded declines, with the Auckland floods and Hurricane Gabrielle hitting the economy in the first two months of the year adding to the burden.

The New Zealand government estimates that it will cost NZ$12 million ($9 million) to repair the damage caused by the extreme weather. Meanwhile, inflation in the country continues to be high at 6.7%. This is the first time the New Zealand economy has fallen into a technical recession since 2020, when the Covid-19 pandemic broke out.

Source: https://www.sggp.org.vn/kinh-te-new-zealand-roi-vao-suy-thoai-ky-thuat-post693845.html