New Zealand's economy has taken a significant hit, entering a technical recession as its gross domestic product contracted for the second consecutive quarter. Government data shows that the country's gross domestic product contracted for the second consecutive quarter, with a 0.1% decline in the first quarter.

New Zealand enters recession | World Business Watch

New Zealand’s economy slipped into recession on Thursday with first quarter Gross Domestic Product falling 0.1 per cent. This follows a revised 0.7 per cent drop in GDP in the fourth quarter of 2022, technically pushing the country into recession following two consecutive quarters of contraction.

New Zealand slips into recession as GDP falls 0.1 per cent in March quarter

New Zealand plunged into recession for the first time in a decade Thursday, as data confirmed a record-breaking economic collapse that forced Prime Minister Jacinda Ardern to defend her pandemic response ahead of next month's general election.

New Zealand plunges into recession as economy shrinks record 12%