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.

Read more

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s