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New Zealand sees record fall in GDP
New Zealand’s Gross domestic product (GDP) fell by 12.2% in the June 2020 quarter, the largest quarterly fall recorded since 1987, as the Covid-19 restrictions impacted economic activity, Stats NZ said today.
National accounts senior manager Paul Pascoe said: “The 12.2% fall in quarterly GDP is by far the largest on record in New Zealand.”
Annually, GDP fell by 2.0%. This is the first annual decline since the March 2010 quarter.
Throughout the quarter New Zealand’s borders remained closed.
“Industries like retail, accommodation and restaurants, and transport saw significant declines in production because they were most directly affected by the international travel ban and strict nationwide lockdown,” Mr Pascoe said.
Household spending also dropped by just over 12%.
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