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New Zealand enters recession after 'largest quarterly GDP drop on record'

17 September 2020 18:12

SYDNEY. KAZINFORM New Zealand has entered a technical recession with its economy shrinking a record 12.2 percent in the second quarter of 2020 as a result of the hard restrictions imposed in the country to fight the COVID-19 pandemic, official data showed Wednesday.

The economy, which registered a 1.6 percent drop between January and March, has accumulated two consecutive quarters of negative growth, therefore entering a technical recession after 11 years of growth, EFE-EPA reports.

Keywords: World News,