GDP figures down 1.6 percent - largest fall in 29 years

Author
Newstalk ZB,
Publish Date
Thu, 18 Jun 2020, 11:43AM
Photo / File
Photo / File

GDP figures down 1.6 percent - largest fall in 29 years

Author
Newstalk ZB,
Publish Date
Thu, 18 Jun 2020, 11:43AM

The first real snapshot of how New Zealand’s economy fared through the Covid-19 pandemic is out in the form of GDP numbers.

Gross domestic product has fallen 1.6 percent in the three months to March -- the largest drop in 29 years.

Stats NZ says the result shows a widespread drop in economic activity under travel restrictions and moving towards lockdown.

It says the Covid 10 effects came on top of the smaller impact from drought in parts of the country.

Infometrics senior economist Brad Olsen joined Kerre McIvor to take a look at the numbers and what it means for New Zealand's economy.

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