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New Zealand has officially fallen into recession according to figures released by Statistics New Zealand today.
The country’s gross domestic product shrank 0.2 per cent in the three months to June, following a 0.3 per cent contraction in the three months to March.
Two consecutive quarters of negative growth satisfies the technical definition of a recession.
The news marks one decade since New Zealand’s last recession ended.
Published: 26-09-08
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