New Zealand’s economy has been tipped into recession as bad weather, strikes and faltering services activity pushed gross domestic product into negative territory for the second consecutive quarter.
GDP fell 0.1 per cent in the first quarter, official statistical data showed on Thursday. The decline follows a 0.7 per cent fall in the fourth quarter of 2022.
“Management consulting, advertising, scientific, and engineering design services drove the fall in business services,” said Jason Attewell, Stats NZ economic and environmental insights general manager.
The economy was also affected by cyclones and teachers’ strikes, he added.
“The adverse weather events caused by the cyclones contributed to falls in horticulture and transport support services, as well as disrupted education services.”
Read the full article here
