New Zealand slips into its second recession in 18 months as economy contracts

New Zealand slips into its second recession in 18 months as economy contracts. Commuters in Auckland (Michael Craig/New Zealand Herald via AP)

New Zealand has entered its second recession in 18 months after the latest round of GDP figures confirmed its economy contracted in the last quarter of 2023.

The country’s economy shrank by 0.1% in the quarter to December, and 0.7% in per capita terms, the New Zealand’s official statistics agency Stats NZ announced on Thursday.