Economy shrank 12.2%

Stats NZ reports:

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted activity, Stats NZ said today.

“The 12.2 percent fall in quarterly GDP is by far the largest on record in New Zealand,” accounts senior manager Paul Pascoe said

Measures to contain COVID-19 have led to historically large falls in GDP in many parts of the world, with countries’ results reflecting the nature and timing of their responses, and the structure of their economies. For example, ’s result compares to falls of 7.0 percent in Australia, 11.5 percent in Canada, 7.9 percent in Japan, 20.4 percent in the United Kingdom, and 9.1 percent in the United States.

So a larger fall than Australia, Canada, Japan and the US.

And the has no plan to rebuild the economy to get us out of deficits. Their plan is to have us running deficits for 15 years!

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