Economist at UOB Group Lee Sue Ann reviewed the latest GDP figures in New Zealand for the second quarter. Key Quotes “New Zealand’s GDP fell 12.2% q/q in 2Q20, following a revised 1.4% q/q fall in 1Q20 (-1.6% q/q previously). Primary industries were the most resilient in the quarter, down 8.7% q/q. Goodsproducing industries were the most severely impacted, falling 16.3% q/q, whilst services declined 10.9% q/q… Compared to the same period one year ago, New Zealand’s GDP fell by 12.4% y/y, the first y/y decline since the March 2010 quarter.” “This is New Zealand’s first recession since the 2008-2009 Global Financial Crisis, and its worst since 1987, when the current system of measurement began. Finance Minister Grant Robertson said the sharp economic decline was no surprise. The economic situation is likely to be a key issue in next month’s election, which was delayed after an unexpected spike in COVID-19 infection cases in August.” “The slightly stronger 2Q20 print relative to our expectations of -16.6% y/y has led us to revise our 3Q20 and 4Q20 prints of -6.1% y/y and -3.5% y/y, to -5.9% y/y and -4.2% y/y, respectively. This will see our full year 2020 GDP contraction less severe at -5.0%, compared to our previous forecast of -6.6%.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY: No bottom in sight, demand for safety to continue FX Street 2 years Economist at UOB Group Lee Sue Ann reviewed the latest GDP figures in New Zealand for the second quarter. Key Quotes “New Zealand’s GDP fell 12.2% q/q in 2Q20, following a revised 1.4% q/q fall in 1Q20 (-1.6% q/q previously). Primary industries were the most resilient in the quarter, down 8.7% q/q. Goodsproducing industries were the most severely impacted, falling 16.3% q/q, whilst services declined 10.9% q/q… Compared to the same period one year ago, New Zealand’s GDP fell by 12.4% y/y, the first y/y decline since the March 2010 quarter.” “This is New Zealand's first recession since the 2008-2009… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.