New Zealand's economy falls into recession after Q1 GDP decline.
TL;DR Summary
New Zealand's economy shrank by 0.1% in Q1, putting the country in a technical recession, according to data from Statistics New Zealand. The news reduces the likelihood of further interest rate hikes, but creates a new headwind for the government's re-election hopes. The country's GDP was well below the Reserve Bank of New Zealand's forecast of 0.3% growth, and Q4 GDP was revised to a contraction of 0.7% from a decline of 0.6%. The New Zealand dollar slipped 0.2% to $0.6197 after the data.
- New Zealand dips into recession, putting rate hikes in doubt Reuters.com
- New Zealand enters technical recession after economy shrank 0.1% in the first quarter CNBC
- New Zealand Economy Falls Into Recession Bloomberg Television
- New Zealand: Economy slips into recession after interest rate hikes BBC
- New Zealand in recession after Q1 GDP fell 0.1% Nikkei Asia
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