New Zealand enters recession, economy sees worst downturn since 1991, currency hits new low
New Zealand's Weakest economic performance in decades
A report by Kiwibank economics highlighted that, excluding the Covid-19 pandemic, the recent six-month downturn was the country's worst economic performance since 1991. The report noted that the downturn has impacted a wide range of industries, reflecting the broader economic challenges.
«Yes, the one percent decline in activity is huge. And it's much weaker than anyone had anticipated,» the Kiwibank report stated.
The bank suggested that the decline might be offset by an upward revision of earlier growth figures and anticipated relief from a one percent interest rate cut introduced in the quarter.
New Zealand Dollar hits new lows
The New Zealand dollar saw a sharp decline, trading at US$0.5626 in the late afternoon, down 1.8 percent from the previous day. The unexpected scale of the contraction caught traders off guard, further dampening market sentiment.
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