New Zealand's economy shrank sharply in the last quarter of 2020 according to new data from StatsNZ this morning. The 1 per cent drop in gross domestic product (GDP) in the December 2020 quarter was worse than expected. "This is despite fewer restrictions on domestic travel and business activity in the December 2020 quarter compared to previous quarters," it said. Both industries had strong September 2020 quarter results. Whether the fourth quarter of 2020 was marginally up or down wouldn't shift that view, he said.

Source: New Zealand Herald March 17, 2021 21:56 UTC