Gross domestic product (GDP) fell 1.6 percent in the March 2020 quarter, the largest drop in 29 years, as the initial effects of COVID-19 restrictions impacted on economic activity, Stats NZ said today. This quarter’s GDP results showed a widespread drop in economic activity as travel restrictions took hold and the country moved towards lockdown. COVID-19 effects came on top of the smaller impact from drought in some parts of the country. “The 1.6 percent fall surpassed quarterly falls during the global financial crisis in the late 2000s,” national accounts senior manager Paul Pascoe said. “It is the largest ... (full story)