
New Zealand Economy Slumps By 12.2 %
Gross domestic product contracted a seasonally adjusted 12.2% quarter-on-quarter, its sharpest quarterly contraction on record and largely in line with forecasts of a 12.8% decline from economists polled by Reuters. GDP fell 12.4% year-on-year.
The Reserve Bank of New Zealand had forecast a quarterly and annual GDP decline of 14% in its August statement.
Growth has been hit by a standstill in …