New Zealand officially in recession as GDP falls for second quarter
New Zealand officially in recession as GDP falls for second quarter
The latest data on gross domestic product shows New Zealand's economy is now officially in recession.
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I mean, it's barely a recession. It only just meets the technical definition. I think a better headline would be "economy is pretty much stable".
The cost of living crisis does make it feel worse even if it only just meets the technical definition.
Come on man, the media have been waiting years to be able to write about NZ being in a recession. Don't take that away from them!
Yeah 0.1% would be within some sort of margin of error, surely.
Further analysis from this morning paints a different picture when you look at it per capita. Down 0.7% per capita and only buoyed up at an aggregate level by net migration.