NZ on brink of recession after economy contracts

Tough times: Pedestrians near the entrance of the RBNZ. A sharp slowdown could prompt the RBNZ to further slow the pace of monetary tightening. — Reuters

WELLINGTON: New Zealand’s economy contracted by more than expected in the final three months of 2022, putting the nation on the brink of recession and sending the currency lower.

Gross domestic product fell 0.6% from the third quarter, when it gained a revised 1.7%, according to Statistics New Zealand.