New Zealand Economy Enters Third Quarter of Recession

The New Zealand economy contracted by 0.4 percent in the September quarter, continuing a three-quarter long recession thus far. Real GDP growth for the year ended September was 1.7 percent. The recession is the country's worst in 10 years, the last being associated with the Asian financial crisis of 1997.

Yesterday, Statistics New Zealand reported that the country's current account deficit (the trade balance on international goods and services) swelled to 8.6 percent of GDP.