New Zealand slips into its second recession in 18 months as economy contracts

WELLINGTON, New Zealand (AP) — New Zealand has entered its second recession in 18 months after the latest round of GDP figures confirmed its economy contracted in the last quarter of 2023. The country’s economy shrank by 0.1% in the quarter to December, and 0.7% in per capita terms, the New Zealand’s official statistics agency, Stats NZ, announced on Thursday. The latest slip follows a 0.3% contraction in the September quarter, which fulfils the technical definition of a recession. It is New Zealand’s second recession event in the past 18 months.