New Zealand economy in deepest recession as second-quarter GDP shrinks

By Praveen Menon WELLINGTON (Reuters) - New Zealand fell into its deepest economic slump on record in the second quarter as its battle against the coronavirus pandemic paralysed business activity, official data showed on Thursday. Gross domestic product contracted a seasonally adjusted 12.2% quarter-on-quarter, its sharpest quarterly contraction on record and largely in line with forecasts of a 12.

8% decline from economists polled by Reuters. GDP fell 12.4% year-on-year. The Reserve Bank of New Zealand had forecast a quarterly.....

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