New Zealand GDP Sinks 2.2% On Year In Q3

New Zealand’s gross domestic product was down 2.2 percent on year in the third quarter of 2020, Statistics New Zealand said on Thursday.

That missed expectations for a decline of 1.3 percent following the 12.4 percent annual drop in the three months prior.

On a quarterly basis, GDP surged a record 14.0 percent – exceeding expectations for an increase of 13.5 percent after tumbling 12.2 percent in the previous three months.

The service industries rose 11.1 percent on quarter, while goods-producing industries surged 26.0 percent and primary industries were up 4.6 percent.