PHOTO: The downturn has forced businesses to lay off staff, leaving thousands of Kiwis unemployed
On Thursday Statistics NZ revealed New Zealand’s Gross Domestic Product (GDP) had fallen by 12.2 percent during the June 2020 quarter.
It was a record drop for New Zealand’s GDP, an indicator of how the economy is performing, and it pushed the country into recession.
In April, the beginning of the June quarter, New Zealand was already at alert level 4 until it decreased to level 3 on April 27.
The country continued to move down alert levels until New Zealand reached alert level 1 on June 8, when there were no active cases in the community.
During this time many countries around the world also locked down and shut businesses in an attempt to prevent the virus from spreading.
Over the past month many countries have announced their latest GDP figures which provide a snapshot of the value added to the economy during the June quarter.
New Zealand’s GDP was negative for a second consecutive quarter and the country is officially now in recession.
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