The recession has hit the Eurozone, which has 20 national members. Countries hit by recession include Austria, Belgium, Croatia, Cyprus, Germany, Greece, Ireland, Italy, Estonia, Finland, France, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain.
Countries Hit by Recession
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As per the new data of Countries Hit by Recession on Thursday, New Zealand also slipped into the recession after its economy shrank in the first quarter. Central Bank would need to hike the interest rates to reduce the risks, which has created a new headwind for the government’s hope of re-election.
GDP – Gross Domestic Production has matched the analyst’s expectations, which was a 0.1% contraction in the quarter of March. However, it is below the forecast by the Reserve Bank of New Zealand for a growth of 0.3%. In addition, the fourth quarter’s GDP has also been revised to a contraction of 0.7% from a decline of 0.6%.
The Dollar of New Zealand slipped 0.2% to $0.6197 after this data, which was in line with the market expectation. This further gives traction to the position of the Central Bank that there will not be any further increase in the interest rates.
However, employment still remains a strong field in New Zealand which has a limited effect on many people in this recessionary environment.
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