New Zealand in Covid recession after worst quarterly GDP fall on record

Finance minister says figures don’t reflect the thousands of lives saved and reduced burden on health system

New Zealand has entered a recession with the economy contracting 12.2% in the June quarter – the largest drop since such records began in 1987.

Paul Pascoe at Stats NZ said the GDP fall was “by far the largest on record in New Zealand” and reflected months spent in lockdown.

Related: Covid sees classroom experience slashed for 1,000 New Zealand student teachers

This economic damage was recorded in three months but will last for decades

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