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