News | Business
27 Sep 2020 23:40
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business

    New Zealand is officially in its first recession for 11 years, a casualty of the Covid fallout hammering economies around the world

    New Zealand is officially in its first recession for 11 years, a casualty of the Covid fallout hammering economies around the world


    This country's gross domestic product has shrunk a record 12.2 per cent in the June quarter - as the Covid-19 lockdown and border closures stalled economic output.

    New Zealand has recorded a second successive quarter of negative growth - the technical measure of a recession.

    Economists had been forecasting a fall of between 11 per cent and 14 per cent, but forecasts had improved dramatically since the closure of boarders and initial lockdown.

    New Zealand's last recession ended in the June quarter of 2009.

    © 2020 Newstalk ZB, NZCity


     Other Business News
     26 Sep: How the Beirut blast plunged Lebanon into a crisis 'worse than war'
     26 Sep: The Toronto Wolfpack's hopes of playing in next year's Super League are alive
     25 Sep: Levin businesses are dealing with thousands of dollars of water damage and multiple missing taps
     25 Sep: Christchurch's port has some good news ... and bad news - for its shareholders
     25 Sep: Sir Stephen Tindall will step down from the board of The Warehouse, which he founded
     25 Sep: A mad flurry of online shopping after lockdown tested New Zealand Post like never before
     24 Sep: Trademe is warning customers to watch out for 'scumbags', carrying out online scams
     Top Stories

    RUGBY RUGBY
    Taranaki will stick to a winning formula in today's Ranfurly Shield defence against Otago in the Mitre 10 Cup More...


    BUSINESS BUSINESS
    How the Beirut blast plunged Lebanon into a crisis 'worse than war' More...



     Today's News

    Cricket:
    The White Ferns horror-run against Australia continues 21:57

    Accident and Emergency:
    The road is now open again after a fatal crash near Nelson 21:47

    Rugby League:
    The Warriors have left it all out on the field 21:17

    Motorsports:
    A second-place race three finish at The Bend has secured Kiwi driver Scott McLaughlin his third consecutive Supercars title, with a round to spare 19:37

    Basketball:
    The Los Angeles Lakers are back in the NBA Finals for the first time in a decade 18:07

    Environment:
    The Central North Island has been shaken by a moderate earthquake 17:37

    Living & Travel:
    The SPCA is looking for kitten loving New Zealanders to help them tackle this years Kitten Season 16:57

    Law and Order:
    Police are seeking witnesses to an aggravated robbery at the Pomona Street Discount Dairy in Invercargill yesterday afternoon 16:17

    Rugby League:
    Jazz Tevaga has full faith in teammate Peta Hiku's ability to cover fullback, in place of their talisman 15:47

    Living & Travel:
    Donald Trump nominates Amy Coney Barrett for US Supreme Court seat left vacant by Ruth Bader Ginsburg 15:37


     News Search






    Power Search


    © 2020 New Zealand City Ltd