Biggest GDP drop in 29 years

Stats NZ reports:

Gross domestic product (GDP) fell 1.6 percent in the March 2020 quarter, the largest drop in 29 years, as the initial effects of restrictions impacted on activity, Stats NZ said today.

It is worth noting that 93% of quarter was pre lockdown. The June 2020 quarter stats will be far worse.

The changes in each sector were:

  • Agriculture -1.9%
  • +4.3%
  • Manufacturing -2.4%
  • Construction -4.1%
  • Retail Trade/Accom -2.2%
  • Transport -5.2%

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