M.I.A.
OPINION: The previous government spent too much during the Covid-19 pandemic, despite warnings from officials, according to a briefing released by the Treasury.
Agriculture has kept losses to a minimum as New Zealand reported its largest ever GDP drop on record.
Gross domestic product (GDP) fell by 12.2% in the June 2020 quarter, Stats NZ announced this morning.
The quarterly fall is the largest recorded since the current series began in 1987.
The fall is comparable to many other countries amid the pandemic; the GDP in the same quarter in Australia fell 7%, Canada 11.5%, Japan 7.9%, the United Kingdom 20.4%, and 9.1% in the United States.
Some industries were more affected than others by the border closure and alert levels restrictions in place during the June quarter.
Agriculture, forestry, and fishing recorded the smallest drop, falling just 2.2%.
Retail trade and accommodation and transport, postal, and warehousing recorded the largest drops, falling 25.2% and 38.7% respectively.
Financial and insurance services was the only industry that grew, with a 0.7% increase.
“Industries like retail, accommodation and restaurants, and transport saw significant declines in production because they were most directly affected by the international travel ban and strict nationwide lockdown,” said national accounts senior manager Paul Pascoe.
New Zealand started the June 2020 quarter in alert level 4 lockdown, reaching alert level 1 on 8 June 2020.
“While level 4 restrictions were in place for most of April, the gradual return to level 1 over the course of the quarter meant that businesses were able to open up again and many people returned to places of work,” said Pascoe.
Annually, GDP fell by 2.0%. This is the first annual decline since the March 2010 quarter.
The Fencing Contractors Association of New Zealand (FCANZ) celebrated the best of the best at the 2025 Fencing Industry Awards, providing the opportunity to honour both rising talent and industry stalwarts.
Award-winning boutique cheese company, Cranky Goat Ltd has gone into voluntary liquidation.
As an independent review of the National Pest Management Plan for TB finds the goal of complete eradication by 2055 is still valide, feedback is being sought on how to finish the job.
Beef + Lamb New Zealand has launched an AI-powered digital assistant to help farmers using the B+LNZ Knowledge Hub to create tailored answers and resources for their farming businesses.
A tiny organism from the arid mountains of mainland Greece is facilitating a new way of growing healthier animals on farms across New Zealand.
Alliance has announced a series of capital raise roadshow event, starting on 29 September in Tuatapere, Southland.
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