Business
New Zealand in Covid recession after worst quarterly GDP fall on record – The Guardian
Finance minister says figures don’t reflect the thousands of lives saved and reduced burden on health system
New Zealand has entered a recession with the economy contracting 12.2% in the June quarter the largest drop since such records began in 1987.
Paul Pascoe at Stats NZ said the GDP fall was by far the largest on record in New Zealand and reflected months spent in lockdown.
Industries such as retail, accommodation, restaurants and transport saw significant declines; as did construction and manufacturing at 25.8% and 13% respectively.
Household domestic spending dropped by 12%.
Annually, GDP fel…
-
Noosa News20 hours agoBrisbane’s original 1979 electric trains take one last journey
-
Noosa News12 hours agoRainbow Beach surfer’s untold 7/7 story
-
General19 hours agoParis opens River Seine for public swimming for first time since 1923
-
Noosa News10 hours agoInfluenza cases nearly 20 per cent higher than 2024 as Queensland faces one of its worst flu seasons in years