New Zealand: First developed nation to fall into a recession following the Sub-Prime crisis

Congratulations New Zealand – once again, leading the world in terms of an economic downturn. The 0.2% fall in production GDP in June puts us in a technical recession!

Given how trade exposed we are I would assume that we would lag the rest of the world – but mother nature came in, provided us with a drought, and dragged us into recession.

More details on GDP to come, maybe 🙂

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  • Kimble

    weeeeeeeeeeeeeeeeeee

  • Number wasn’t even as bad as I would have expected – in fact it was an improvement on the -0.3 to -0.8 range I’d put down in the preview.

  • Stephen

    As a Gen Y-er, i’m almost disappointed with how boring this recession has been! No car, no kids, no house probably helps 😀

  • Dean Yarrall

    I think Ireland may have beaten us to it?

    http://news.bbc.co.uk/2/hi/business/7635426.stm

    That was posted at 2am Friday NZ time.

  • John

    Shouldn’t we be aiming to work less?

  • We already have the statistics for the future: the growth percentages of pollution, overpopulation, desertification. The future is already in place.G%FCntherGrassG?nther Grass, Winner of the Nobel Prize for Literature, 1999

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  • “I think Ireland may have beaten us to it?

    http://news.bbc.co.uk/2/hi/business/7635426.stm

    That was posted at 2am Friday NZ time.”

    Same quarter though – I think we can call it a tie 🙂

    “Shouldn’t we be aiming to work less?”

    Shouldn’t that be a person’s choice. Why should we explicitly aim for “working less” when we know people value both leisure and income. We should let people make the choice regarding what they want to do.