New Zealand's economy shrank for a fifth straight quarter, figures showed on Friday, confirming that the nation is in a prolonged and deep recession that has proven to be worse than expected.
Gross domestic product fell 1 per cent in the three months to March 31, matching the revised 1 per cent drop in the previous three months, according to Statistics New Zealand.
The economy contracted 2.7 per cent from the previous March quarter and 1 per cent for the year ended March 31 – the largest annual drop since March 1992, when the economy contracted 1.3 per cent according to the statistics agency.
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