New Zealand enters recession amid record drop in GDP

New Zealand on Wednesday entered recession with a record fall in its gross domestic product (GDP) in the second quarter as the economic impact of the coronavirus pandemic hit the nation. 

The country’s GDP fell 12.2 % in the three months ending June 30.

“The 12.2-percent fall in quarterly GDP is by far the largest on record in New Zealand,” the national statistics agency said.

Growth has been hampered by paralyzed economic activity. 

The reporting period coincides with a strict COVID-19…

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