Podcasts Other The Mike Hosking Breakfast Oliver Hartwich: NZ Initiative Director on the GDP falling by 0.3% in the September Quarter

Oliver Hartwich: NZ Initiative Director on the GDP falling by 0.3% in the September Quarter

Published: Dec. 14, 2023, 6:49 p.m.

An economist says we're in an economy that's significantly smaller than estimated. \xa0

GDP fell 0.3% in the three months to September. \xa0

The June quarter's figures showed 0.5% growth,\xa0revised from 0.9%.\xa0

NZ Initiative director Oliver Hartwich told Mike Hosking that it means we're in a technical recession,\xa0but the revision's more shocking. \xa0

He says all together, the effect was the economy is now 1.8% of GDP smaller than the Reserve Bank last thought when they set the Official Cash Rate.\xa0

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