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WELLINGTON (Reuters) -New Zealand's economy shrank in the first quarter as the central bank's aggressive hiking of interest rates to a 14-year high hurt businesses and manufacturers, while bad weather hit farms, putting the country into a technical recession. With two quarters of negative growth, the country is now in a technical recession. Annual growth slowed to 2.2%, Statistics New Zealand data showed.
New Zealand's economy shrank in the first quarter as the central bank's aggressive hiking of interest rates to 14-year high hurt businesses.
Business Scoop provides news and views on Business and Markets from New Zealand
Business Scoop provides news and views on Business and Markets from New Zealand
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