New Zealand GDP Plummets Record 12.2% In Q2

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New Zealand’s gross domestic product saw its largest ever drop in the second quarter of 2020, tumbling 12.2 percent, Statistics New Zealand said on Thursday.

That actually beat forecasts for a decline of 12.8 percent following the 1.6 percent drop in the previous three months.

Service industries fell 10.9 percent on quarter, while primary industries were down 8.7 percent and goods producing industries fell 16.3 percent.

On a yearly basis, GDP sank 12.4 percent – again exceeding expectations for a fall of 13.3 percent after easing 0.2 percent in the three months prior.

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