New Zealand slips into its second recession in 18 months as economy contracts

New Zealand has entered its second recession in 18 months after the latest round of GDP figures confirmed its economy contracted in the last quarter of 2023.

FILE - Shipping containers are moved at the Port of Lyttelton near Christchurch, New Zealand, on Sept. 17, 2020. The country's economy shrank by 0.1% in the quarter to December, and 0.7% in per capita terms, the New Zealand's official statistics agency, Stats NZ, announced on Thursday, March 21, 2024. –

Stats NZ said the country New Zealand had returned negative GDP figures in four of the last five quarters, and had a stagnant annual growth rate of just 0.6%. The data made for worse reading in a per capita context with the last five quarters all retreating by an average of 0.8%. Without that population growth stimulating an otherwise stagnant economy, New Zealand’s economic position would be slipping at an even faster rate.

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