NZ halfway to recession – GDP figures

And this is only the beginning.

The economy shrank by 0.3 per cent in the first quarter of 2008, taking it halfway to what many commentators expect will be a technical recession – two quarterly declines in a row.

The agriculture and construction industries were the main contributors to the March quarter decline in gross domestic product, Statistics New Zealand (SNZ) said when releasing the data today.

Despite the quarterly contraction, for the year GDP was still up a reasonable 3 per cent, having grown 0.8 per cent in the December quarter.

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