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New Zealand's economy grew 0.9% in the June quarter and avoided recession altogether
New Zealand’s economy grew 0.9% in the June quarter, beating economist expectations, pulling the country out of recession, and bringing the annual growth rate to 3.2%, Statistics NZ says. Technically, the economy was never in recession at all. The figure for the March quarter was revised up 0.1%, bringing the result to 0.0% or completely flat. There is no formal definition for a recession, but it is most commonly defined as two quarters of negative growth. This means a tiny change in economic conditions can tip the balance. Gross domestic product (GDP) fell 0.7% in the last three months of 2022, was flat in the ... (full story)