The economy was weaker than expected in the March quarter, with GDP falling by 0.2%. On the details of Thursday's GDP release: The 0.2% decline in GDP for the March quarter followed a 3.0% rise in the December quarter, Statistics NZ said. The change in economic activity came in a quarter marked by the community spread of the Omicron Covid-19 variant. The March 2022 quarter included low travel due to border restrictions. Stats NZ stressed that Thursday's results represent "the first official estimate of economic activity" in the March 2022 quarter.

Source: New Zealand Herald June 16, 2022 06:11 UTC