New Zealand rebounds from recession with record GDP growth

Kyodo News

Posted at Dec 17 2020 04:44 PM

New Zealand's economy grew a record 14.0 percent in the July-September quarter from the previous quarter, bringing the country out of its first recession in almost 10 years, official data showed Thursday.

Easing coronavirus restrictions across the country were the primary driver of the seasonally adjusted gross domestic product growth, Statistics New Zealand said in a statement.

"Even though activity across the country largely returned to pre-COVID-19 levels, we haven't recouped all the activity or production lost as a result of the lockdown in the June 2020 quarter," said national accounts senior manager Paul Pascoe.

Parts of the economy, such as retail trade and accommodation and construction, experienced strong growth -- up 42.8 percent and 52.4 percent, respectively.

The country's GDP grew 0.4 percent year on year in the three months through September.

In March, New Zealand effectively closed its borders to all international travelers, with the country recently announcing a return to limited travel between Australia and the Cook Islands in early 2021.

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