NZ's economy slows again as recession looms

WLLINGTON, Sept 19: New Zealand's economy shrank in the second quarter, according to official data Thursday, pushing the country close to recession.
 
The 0.2 percent on-quarter contraction in April-June, revealed by StatsNZ, followed anaemic growth of 0.1 percent in the previous three months. 
 
High prices, elevated borrowing costs and a housing crisis have weighed on consumers, while the key dairy sector saw exports fall. A recession is usually defined as two consecutive quarters of contraction.     —AFP