New Zealand Slips into Recession!

New Zealand's economy has officially entered a recession in the third quarter of this year, with economic activity contracting more than expected. The New Zealand dollar has plummeted to a two-year low as a result.

The nation's economy shrank by 1% in the September 2024 quarter, significantly higher than the market's forecast of a 0.2% decline. Coupled with the 1.1% contraction recorded in the June quarter, this marks a technical recession.

This downturn may prompt the Reserve Bank of New Zealand to consider interest rate cuts in the coming months.