New Zealand's gross domestic product fell by 1.6 percent in the first three months of the year as it felt the first hit from the Covid-19 pandemic. It was the first contraction in growth since late 2010 and the biggest single quarterly fall since 1991. Most sectors of the economy contracted, especially construction, retail and travel. The number was worse than expected and the economy shrank by 0.2 percent in the year ended March. However, economists are warning the second quarter to June will show the major impact on growth, with expectations of a fall of as much as 20 percent.

Source: Otago Daily Times June 17, 2020 22:52 UTC