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…
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