look news india
Ahmedabad: The negative impact of the economic support given by every country during the Corona epidemic is now visible on their economy in 3-4 years. The situation of America, Britain, Eurozone and now New Zealand has also become very difficult. New Zealand has entered recession for the second time in 18 months.
According to New Zealand's official economic data, the country's economy declined by 0.1 percent during the December quarter. Apart from this, per capita income has also decreased by 0.7 percent.
Data released for the last quarter of 2023 by Stats NZ, New Zealand's official statistics agency, has confirmed that New Zealand's economy is in recession for the second time in a year and a half. Earlier, the 0.3 percent decline in the country's GDP in the September quarter and 0.1 percent decline in the December quarter had also met the definition of recession.
According to Stats NZ, New Zealand has posted negative GDP figures in four of the last five quarters. This is the second recession in New Zealand in the last 18 months. Talking about the annual growth rate, it has increased by only 0.6 percent. The per capita figure has declined by an average of 0.8 percent in the last five quarters.
It may be noted here that the Central Bank of New Zealand met recession expectations with flat to negative growth. Along with this, Regulation Minister David Seymour said that due to the current economic situation, there will be cuts in the country's next budget and the number of government employees will be reduced.