recession tagged posts
September 25, 2008 New Zealand Finance
Latest figures have officially confirmed the recession in New Zealand.
Figures released on the 26th of September show a GDP shrink of 0.2 percent for the June quarter of 2008. Combined with the March quarter drop of 0.3 percent, the technical definition for an economy in recession, two consecutive quarters of economic falls, has been met.
The cause of the second quarter of contractions has been pinned to tightened credit conditions, lowered domestic spending and a draught affected agricultural industry. It has been forecast by analysts that these conditions will continue for at least the following September quarter. A recent report by the New Zealand Institute of Economic Research forecasts the September fall to be 0.1 percent. Similar reports from the Reserve Bank predict a drop of 0...Read More
September 3, 2008 New Zealand Finance
New Zealand is in a recession, according to a report published on the 2nd of September by The New Zealand Institute of Economic Research (NZIER).
Based on its own Quarterly Survey of Business Opinion, combined with the March 2008 quarter GDP decline of 0.3 percent, the NZIER claimed that the economy would see decline for the June and September quarters, technically classifying the economic situation as being in recession.
The report went further to say that it appears that is the bottom of the recession cycle, with food and energy prices now lowering. Combined with the October slated tax cuts, the report claimed that private consumption would soon be boosted, although interest rate cuts were not predicted for the foreseeable future.
The report can be seen at the New Zealand Institute of Ec...Read More