New Zealand Economy Back In Recession: Govt Data

Fahad Shabbir (@FahadShabbir) Published March 21, 2024 | 08:20 AM

Wellington, (APP - UrduPoint / Pakistan Point News - 21st Mar, 2024) New Zealand has dipped back into a recession after its economy shrank for the second quarter in a row, figures released by government agency Stats NZ showed on Thursday.

The country's gross domestic product dipped in the last two quarters of 2023, the figures showed, partly fuelled by a downturn in New Zealand's crucial agricultural sector.

"Wholesale trade was the largest downwards driver, led by falls in grocery and liquor wholesaling," Stats NZ spokesperson Ruvani Ratnayake said in a statement.

results at industry level were mixed, Ratnayake added, as eight out of 16 industries increased, driven by rental, hiring, and real estate services.

New Zealand had also posted negative GDP figures for consecutive quarters up until March 2023.