According to the New Zealand Treasury, the country is no longer facing a recession.

The New Zealand economy is predicted to be out of its recessionary period according to the Treasury’s economic indicator report, released on the 7th of September. It is thought that the quarter ending September will be the last in which New Zealand will experience contracted economic indicators. The report was accompanied with the statement “A small decline in real gross domestic product in the second quarter is likely to represent the last quarter of contraction in the current sequence.” Gross Domestic Product figures for the second quarter are due to be released by Statistics New Zealand on the 23rd of September.

The cause of these favorable changes was pegged to improved global economic conditions, New Zealand’s growth inbound migration and increased consumer confidence. Although, it was explicitly stated that it is likely that unemployment will continue its upward trend even into 2010.