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27 Sep 2020 22:33
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  •   Home > News > Business

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

    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.

    © 2020 Newstalk ZB, NZCity


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