Biggest GDP drop in 29 years

Stats NZ reports:

Gross domestic product () fell 1.6 percent in the March 2020 quarter, the largest drop in 29 years, as the initial effects of COVID-19 restrictions impacted on economic activity, Stats NZ said today.

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

The changes in each sector were:

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

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