New Zealand's Economy Enters Recession as Higher Interest Rates Take Toll

New Zealand’s economy has dipped into recession as higher interest rates take their toll, new figures released Thursday show.

Gross domestic product fell by 0.1% in the March quarter, following a revised 0.7% fall in the previous quarter, Statistics New Zealand said. That fulfils the nation’s definition of a recession, which is at least two consecutive quarters of negative growth.

Read More : New Zealand’s Economy Enters Recession as Higher Interest Rates Take Toll