New Zealand's near-term economic outlook is less negative than estimated previously but the contraction in the June 2020 quarter will far exceed previous records, the treasury said Wednesday.
The economy will shrink 16 percent in the June quarter, which was smaller than the 23.5 percent fall estimated in May, the treasury said in its Pre-election Economic and Fiscal Update.
Further, the restriction imposed in the wake of covid-19 pandemic is expected to dampen the rebound in GDP in the September quarter of 2020, the treasury observed.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.