Indicators
New Zealand Economy Shrinks Less Than RBNZ Expected
- Statistics agency revises away recession in late 2023
- Nation still faces second recession in less than two years
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New Zealand faces another recession after the economy contracted in the second quarter, albeit less than economists and the central bank expected.
Gross domestic product declined 0.2% from the previous quarter, when it gained a revised 0.1%, Statistics New Zealand said Thursday in Wellington. Economists expected a 0.4% contraction while the Reserve Bank projected a 0.5% drop.