Coronavirus live news: New Zealand sees record fall in GDP; WHO warns Latin America opening up too early


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New Zealand sees document fall in GDP

New Zealand’s Gross home product (GDP) fell by means of 12.2% within the June 2020 quarter, the biggest quarterly fall recorded since 1987, because the Covid-19 restrictions impacted financial process, Stats NZ stated these days.

Nationwide accounts senior supervisor Paul Pascoe stated: “The 12.2% fall in quarterly GDP is by means of a long way the biggest on document in New Zealand.”

Once a year, GDP fell by means of That is the primary annual decline because the March 2010 quarter.

All over the quarter New Zealand’s borders remained closed.

“Industries like retail, lodging and eating places, and shipping noticed important declines in manufacturing as a result of they have been maximum without delay suffering from the world commute ban and strict national lockdown,” Mr Pascoe stated.

Family spending additionally dropped by means of simply over 12%.


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