look news india
The condition of New Zealand has worsened. The country has fallen into recession for the second time in 18 months. According to New Zealand's official data, the country's economy (New Zealand's GDP) declined by 0.1 percent during the December quarter. Whereas on per capita basis it has decreased by 0.7 percent.
New Zealand's official statistics agency released the figures on Thursday. These figures for the last quarter of 2023 have confirmed that New Zealand's economy has entered recession for the second time. Earlier in the September quarter also, the country's GDP had declined by 0.3 percent, which meets the definition of recession.
Big decline on per capita basis
According to the information, New Zealand has presented negative GDP figures in four out of the last five quarters. This is the second recession in New Zealand in 18 months. As far as its annual growth rate is concerned, 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.