New Zealand’s economy has been tipped into recession as bad weather, strikes and faltering service activity pushed gross domestic product into negative territory for the second consecutive quarter.
GDP fell 0.1 percent in the first quarter, official statistical data showed on Thursday. The decline follows a fall of 0.7 per cent in the fourth quarter of 2022.
“Management consultancy, advertising, scientific and technical design services drove the decline in business services,” said Jason Attewell, Stats NZ general manager of economic and environmental insights.
The economy was also affected by cyclones and teacher strikes, he added.
“The adverse weather events caused by the cyclones contributed to a drop in horticulture and transport support services, as well as disrupting education services.”[ads1];