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2025-09-18 07:34:00
[New Zealand's economy shrank more than expected in the second quarter] New Zealand's economy shrank much more than economists expected in the second quarter as rising unemployment and global uncertainty suppressed demand. Data released on Thursday showed that the country's GDP grew by a revised 0.9% in the first quarter, but fell by 0.9% in the three months to June, compared with economists' expectations of a 0.3% contraction. The New Zealand economy, which experienced a severe recession last year, has been slow to respond to the central bank's sharp interest rate cuts. Cooling demand is expected to reduce inflationary pressures, making it possible for the Reserve Bank of New Zealand to further cut interest rates before the end of the year.
