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New Zealand's GDP per capita paints a worse picture than the headline figure. Â
Stats NZ data shows GDP dropped 0.1 percentage points in the final quarter of last year. Â
After negative growth in the previous quarter, it pushes New Zealand into a technical recession. Â
Per capita, there was a 0.7% drop in the quarter. Â
ANZ senior economist Miles Workman told Mike Hosking that taking immigration into account, it's almost as bad as during the Global Financial Crisis. Â
He says during the GFC per capita GDP growth fell 4.2% and as of yesterday, after five consecutive quarterly declines, it's down 3.9%.Â
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