NZ falls into recession

New Zealand plunged into recession for the first time in a decade Thursday, as data confirmed a record-breaking economic collapse that forced Prime Minister Jacinda Ardern to defend her pandemic response ahead of October's general election.

The 12.2 percent contraction in April-June was "by far the largest" since records began, national data agency Stats NZ said, with the country put into a strict lockdown for almost two months and the country's borders closed.

Ardern rejected opposition accusations that the tough measures had pushed the economy "off a cliff," saying the restrictions helped contain the virus.

AFP