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Hot Topic Hawke’s Bay
Hot Topic Hawke’s Bay
Economics
2 mins to read

New Zealand slips into double-dip recession amid rate hikes

Rapid interest rate rises significantly affected consumers and businesses.

New Zealand's GDP annual growth rates are navigating through a double-dip recession.

Liam Rātana Thu, 21 Mar 2024
Key points
  • What’s at stake: New Zealand grapples with a technical double-dip recession, underscoring the urgency for effective economic recovery strategies.
  • Background: A swift escalation in interest rates has precipitated significant economic challenges, leading to back-to-back quarterly GDP contractions.
  • Key players: Jarrod Kerr, Alan McDonald, Stats NZ, Reserve Bank of New Zealand.

New Zealand’s economy contracted by 0.1% in the December 2023 quarter, marking a continuation of the downturn seen in the September 2023 quarter, which saw a 0.3% decrease.

This back-to-back decline meant New Zealand was in a technical double-dip recession, attributed predominately to rapid

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Liam Rātana Thu, 21 Mar 2024
Contact the Writer: liam@nbr.co.nz
News tip? Question? Typo? Let us know: editor@nbr.co.nz
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Key points
  • What’s at stake: New Zealand grapples with a technical double-dip recession, underscoring the urgency for effective economic recovery strategies.
  • Background: A swift escalation in interest rates has precipitated significant economic challenges, leading to back-to-back quarterly GDP contractions.
  • Key players: Jarrod Kerr, Alan McDonald, Stats NZ, Reserve Bank of New Zealand.
New Zealand slips into double-dip recession amid rate hikes
Economics,
103278
true