We mightn't rebound from the record low of June's quarter ... as well as we'd like

New Zealand is officially in a recession for the first time in 11 years.

The gross domestic product shrank 12.2 per cent in the June quarter -- showing the impact of the lockdown and border closures.

Chief Economist at ANZ Bank, Sharon Zollner, says the lockdown was only the beginning -- and there's still some hurt to come.

She says the pain from the closed border is only being felt now, and tourism is highly seasonal -- so we will see more pain when we hit the summer months with tourists arriving.