New Zealand in recession as coronavirus lockdown hits economy

New Zealand suffered its worst economic slump since the Great Depression in the second quarter as a strict nationwide lockdown to combat the coronavirus brought the country to a standstill.Gross domestic product plunged 12.2 per cent from the first quarter, Statistics New Zealand said on Thursday in Wellington. That is the biggest three-month contraction since quarterly records began in 1977.Economists had forecast a 12.5 per cent decline. From a year earlier, the economy shrank 12.4 per cent,…

from South China Morning Post https://www.scmp.com/news/asia/australasia/article/3101866/new-zealand-recession-coronavirus-lockdown-hits-economy