• New Zealand economy shrinks record 12% due to virus lockdown

    13 days ago - By Chron

    WELLINGTON, New Zealand - New Zealand's economy shrank by a record 12.2% in the second quarter due to a strict coronavirus lockdown, but forecasts indicate activity is bouncing back.
    Statistics New Zealand released figures Thursday showing GDP had fallen far more than ever previously recorded and signaling the nation of 5 million people is officially in recession for the first time in 11 years. On an annual basis, GDP fell by 2%.
    Economists said the decline will likely be followed by a record increase in economic activity during the third quarter as many businesses get back to work. And...
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