New Zealand’s GDP is down 12.2% due to the fallout from the Coronavirus

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Sharjah 24 – UNA:New Zealand recorded the largest drop in GDP on record due to the economic impact of the new Coronavirus (Covid-19).

Statistics New Zealand said Thursday that gross domestic product fell 12.2% in the three months ending June 30, the biggest drop since similar records began in 1987.

And Paul Pascoe, chief director of the authority, indicated that the results showed a widespread decrease in economic activity due to Corona restrictions.

Pascoe pointed out that some industries have been affected more than others by border closures and restrictions in New Zealand.

He added that industries such as retail, hospitality, restaurants and transportation witnessed a significant decline in production, as they were the most directly affected by the international travel ban and the strict lockdown in New Zealand.

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