New Zealand has sunk into its second recession in just 18 months, official data showed Thursday, as wild weather and efforts to tame inflation weighed heavily on the economy.
StatsNZ said output shrank 0.1 percent in late 2023, after falling 0.3 the previous quarter.
New Zealand also suffered a downturn in late 2022 to early 2023.
A recession is commonly defined as two consecutive quarters of contraction.
This time around, the pain is being felt across the board, with many consumers tightening spending and businesses in multiple sectors trimming costs and holding off on new investments.—AFP
