PHOTO: GDP quarterly fall
New Zealand has recorded its biggest GDP quarterly fall in 29 years, a leading Kiwi economist has revealed – and he warns the coronavirus crisis will likely cause it to fall again.
Dr Murat Ungor, an economics lecturer at Otago University, analysed data from the Organisation for Economic Co-operation and Development’s (OECD’s) quarterly national accounts in efforts to understand the scale of COVID-19’s impact on the global economy.
His analysis found that New Zealand had recorded its biggest quarterly drop in GDP since 1991 in the first quarter of 2020, contracting by 1.6 percent. In the first quarter of March 1991, our GDP contracted by 2.4 percent.
Quarter-on-quarter growth rates of GDP. Photo credit: OECD
The drop also marks the first time New Zealand has recorded negative quarterly growth of any kind since 2010, when our GDP contracted by 0.5 percent.
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