New Zealand in recession

The New Zealand economy is in recession, according to a treasury overview of economic indicators.

Official GDP figures for the June quarter will not be released until September, but in its monthly economic overview, the treasury said it believed the economy has contracted for the second straight quarter. Two quarters of GDP contraction are considered an official recession.

The report said economic indicators for July were bleak and the New Zealand economy might not show improvement until towards the end of the year.