New Zealand May Have Entered Recession Sooner Than RBNZ Expected
- Economy may contract for second straight quarter, survey shows
- Higher interest rates damp demand but immigration is surging
New Zealand banknotes and coins.
Photographer: Brendon O'Hagan/Bloomberg
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New Zealand’s economy may have contracted for a second consecutive quarter, putting it into recession sooner than the central bank expected.
Gross domestic product fell 0.1% in the first quarter from the fourth, when it dropped 0.6%, according to the median forecast in a Bloomberg survey of economists. The Reserve Bank predicts 0.3% growth. Statistics New Zealand releases the GDP report at 10:45 a.m. Thursday in Wellington.