After Europe, New Zealand officially enters recession: Economy shrinks, GDP falls for two consecutive quarters

BNHBTV FRI, JUNE 16, 2023 BNHBTV FRI, JUNE 16, 2023 IMAGE SOURCE : GOOGLE

New Zealand enters a recession as its GDP falls for two consecutive quarters

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The Reserve Bank of New Zealand raises interest rates to a 14-year high.

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The increase in borrowing costs leads to higher mortgage repayments and increased loan costs

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Adverse weather events, including cyclones and a teachers' strike, impact the economy in the first three months of the year

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Inflation is further affected by the Russia-Ukraine war, causing prices to rise

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Business services experience a 3.5% decline, while postal, warehousing, and transport see a 2.2% decrease

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Media and telecommunications, however, show a 2.7% increase

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The recession becomes a significant political issue as the country approaches an election in October

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The recession becomes a significant political issue as the country approaches an election in October

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Pixel users report the Google app is making their phones Overheat

BNHBTV Tue, May 16, 2023 image source - social media Learn more