New Zealand data showing the country slipped into recession in Q1 with a second consecutive quarter of contraction q/q.

Two consecutive quarters of negative growth (economic contraction) is generally accepted as the definition of a recession.

Q1 GDP -0.1% q/q

  • expected -0.1%, prior -0.7% (revised from -0.6%)

2.2% y/y

  • expected 2.6%, prior 2.2%

more to come

The trend in central banking