18:12, 17 September 2020 | GMT +6
New Zealand enters recession after 'largest quarterly GDP drop on record'
SYDNEY. KAZINFORM New Zealand has entered a technical recession with its economy shrinking a record 12.2 percent in the second quarter of 2020 as a result of the hard restrictions imposed in the country to fight the COVID-19 pandemic, official data showed Wednesday.
The economy, which registered a 1.6 percent drop between January and March, has accumulated two consecutive quarters of negative growth, therefore entering a technical recession after 11 years of growth, EFE-EPA reports.