{"id":53471,"date":"2023-03-16T10:46:07","date_gmt":"2023-03-16T01:46:07","guid":{"rendered":"https:\/\/www.theguardian.com\/world\/2023\/mar\/16\/new-zealand-gdp-drops-06-in-december-quarter-worse-than-expected"},"modified":"2023-03-16T10:46:07","modified_gmt":"2023-03-16T01:46:07","slug":"new-zealand-gdp-drops-0-6-in-december-quarter-worse-than-expected","status":"publish","type":"post","link":"https:\/\/eastasianews.net\/wp\/?p=53471","title":{"rendered":"New Zealand GDP drops 0.6% in December quarter, worse than expected"},"content":{"rendered":"<p>Reserve bank had taken steps to engineer a \u2018shallow recession\u2019 in response to high inflation but shrinkage arrives early<\/p>\n<p>New Zealand\u2019s economy is shrinking, with gross domestic product down 0.6% last quarter, amid speculation a recession may be approaching.<\/p>\n<p>Gross domestic product (GDP) fell 0.6% in the last three months of 2022, after a 1.7% rise in the September 2022 quarter. The drop at the close of the year was larger than predicted by any of New Zealand\u2019s major banks. Annually, GDP is still growing \u2013 up 2.4% year on year, and despite the shrinking economy, unemployment remains close to record lows, at about 3.3%.<\/p>\n<p> <a href=\"https:\/\/www.theguardian.com\/world\/2023\/mar\/16\/new-zealand-gdp-drops-06-in-december-quarter-worse-than-expected\">Continue reading&#8230;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reserve bank had taken steps to engineer a \u2018shallow recession\u2019 in response to high inflation but shrinkage arrives earlyNew Zealand\u2019s economy is shrinking, with gross domestic product down 0.6% last quarter, amid speculation a recession may be approach&#8230;<\/p>\n","protected":false},"author":2034,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"sns_share_botton_hide":"","vkExUnit_sns_title":"","_vk_print_noindex":"","sitemap_hide":"","_veu_custom_css":"","veu_display_promotion_alert":"","vkexunit_cta_each_option":"","footnotes":""},"categories":[41,56,42],"tags":[],"class_list":["post-53471","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-new-zealand","category-world-news"],"veu_head_title_object":{"title":"","add_site_title":""},"_links":{"self":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/53471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/users\/2034"}],"replies":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=53471"}],"version-history":[{"count":1,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/53471\/revisions"}],"predecessor-version":[{"id":53472,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/53471\/revisions\/53472"}],"wp:attachment":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=53471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=53471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=53471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}