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 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%