New Zealand’s economy has slipped into a recession, as the first-quarter Gross Domestic Product (GDP) fell by 0.1 percent. This decline follows a revised 0.7 percent drop in GDP in the fourth quarter of 2022, meeting the technical definition of a recession.
The country’s economic downturn can be attributed to a combination of factors, including measures taken by the central bank to combat inflation and the adverse effects of natural disasters.