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AAP

Business

Ben McKay

NZ economy shrinks, fuelling bets of steeper rate cuts

Economy Chris Luxon NZ Christopher Luxon GDP New Zealand Nicola Willis RBNZ

It was meant to be the year of "growth, growth, growth", but instead New Zealand is again sliding backwards with a mammoth economic hit.

Official data released on Thursday showed the Kiwi economy contracted by 0.9 per cent in Q2, well above with market expectations of an 0.3 per cent fall.

NZ is again feeling very recessionary, with gross domestic product falling in three of the last five quarters.

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