Economy shrank 2.9% in 2020

Stats NZ reports:

Gross domestic product (GDP) fell by 1.0 percent in the December 2020 quarter, following a revised 13.9 percent increase in the September 2020 quarter, Stats NZ said today. …

GDP declined 2.9 percent over the year to December 2020, the largest annual fall ever in GDP for New Zealand. 

Could have been a lot worse but the largest ever drop means many businesses and families have had a big drop in income.

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