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New Zealand enters technical recession after economy shrank 0.1% in the first quarter
New Zealand’s gross domestic product fell 0.1% in the first quarter, according to government data published Thursday, as its central bank embarked on one of the most aggressive rate hike cycles in the world. The latest data from Wellington marks a technical recession for the economy, after reporting a revised 0.7% decline in the final quarter of 2022. A technical recession is defined as two consecutive quarters of contraction. Compared with a year ago, the economy grew 2.9% in the first quarter. Economists surveyed by Reuters expected New Zealand to mark a contraction of 0.1% quarter on quarter and growth of 2.6% ... (full story)