New Zealand Economy Shrinks Record 12.2%, Enters Recession

New Zealand economy shrinks record 12.2%, enters recession

Wellington, Sept 17 (UrduPoint / Pakistan Point News - 17th Sep, 2020 ) :New Zealand's economy posted a record fall in the June quarter, according to official data Wednesday that also confirmed a Covid-19-induced recession as Prime Minister Jacinda Ardern heads into next month's general election.

"The 12.2-percent fall in quarterly GDP is by far the largest on record in New Zealand," Statistics New Zealand said.