New Zealand’s economy dips into recession as higher interest rates bite

Shipping containers are moved at the Port of Lyttelton near Christchurch, New Zealand. New Zealand’s economy has dipped into recession as higher interest rates take their toll, new figures released Thursday, June 15, 2023 show (Mark Baker/AP/PA)

New Zealand’s economy has dipped into recession as higher interest rates take their toll, new figures released on Thursday show.

Gross domestic product fell by 0.1% in the March quarter, following a revised 0.7% fall in the previous quarter, Statistics New Zealand said.