New Zealand records largest GDP plummet in 29 years

PHOTO: The plummet surpassed falls recorded during the global financial crisis. Photo credit: Getty

New Zealand’s Gross Domestic Product (GDP) plummeted 1.6 percent in the March quarter, Stats NZ said on Thursday, in what is the largest decline in 29 years.

“The 1.6 percent fall surpassed quarterly falls during the global financial crisis in the late 2000s,” Stats NZ national accounts senior manager Paul Pascoe said.

Hospitality alone was down 7.8 percent, much of it down to border closures.

“Industries related to international travel, such as accommodation and transport, began to feel the effects of COVID-19 earlier in the quarter, with activity dropping significantly once the borders closed on March 19,” Pascoe said.

This is breaking news – more to come.