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New Zealand GDP shrinks 3.7% in Q3 due to Delta lockdowns -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Construction workers load equipment onto a construction site, in central Wellington. New Zealand. July 3, 2017. Picture taken July 3, 2017 REUTERS/David Gray/File Photo

WELLINGTON (Reuters – New Zealand’s GDP (gross domestic product) fell by 3.7% in its third quarter compared to the prior quarter. It was the second highest decline ever recorded, due to an epidemic of COVID-19.

This figure wasn’t as dire as the forecast of economists polled at Reuters. They expected that production-based growth would shrink by 4.5% in the fourth quarter. The Reserve Bank of New Zealand, however, had predicted a decrease of 7.0%.

Annual GDP decreased 0.3% which was also lower than the forecast by Reuters of a 1.6% decline.

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