New Zealand’s economy shrank by 0.6 per cent in the final quarter of 2022, a greater contraction than expected.
The Reserve Bank and Treasury both tipped the Kiwi economy would tip into recession in 2023; however, these numbers show a contraction began last year. “A fall in transport equipment, machinery, and equipment manufacturing corresponded to lower investment in plant, machinery, and equipment,” Stats NZ’s Ruvani Ratnayake said.
NZ is also battling to regain its tourist numbers from pre-COVID levels, despite lifting its last remaining travel restrictions in August.
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