New Zealand Shrinks Further
December 26, 2008 New Zealand Finance
According to figures from Statistics New Zealand has shrunk for the third quarter in a row.
The last three quarters go down on record as being the worst since 1989, as they have contracted 0.3%, 0.2% in the March and June quarters, respectively, in a measure of Gross Domestic Product (GDP). The September quarter has decreased by 0.4%.
According to BNZ head of research Stephen Toplis, this is not the end of the bad news with worse to be expected in 2009. Further, he expects that the GDP in the current quarter has fallen 0.6 percent and similar figures are expected the following quarter. In fact, even with the forecasted rise in GDP in the second half of the year, 2009 is set to be recorded as being a lower producer than 2008.