New Zealand Recovers Sharply From COVID-19 Induced Recession With Record Growth of 14% in July-September Quarter
New Zealand recovered from a coronavirus-induced recession with record economic growth of 14.0 percent in the July-September quarter, official data showed. Finance Minister Grant Robertson said the recovery was possible due to New Zealand's success in containing the virus, with only 25 deaths among a population of five million.
Wellington, December 17: New Zealand recovered from a coronavirus-induced recession with record economic growth of 14.0 percent in the July-September quarter, official data showed.
According to an AFP report, Finance Minister Grant Robertson said the recovery was possible due to New Zealand's success in containing the virus, with only 25 deaths among a population of five million. How New Zealand Defeated COVID-19: Timeline of The Kiwi Battle to Eliminate Coronavirus and Role Played by Jacinda Ardern.
July-September's strong growth follows an 11.0-percent decline in the previous quarter -- when New Zealand was in a Covid-19 lockdown.
New Zealand roared back from a coronavirus-induced recession
Sectors like retail, accommodation, restaurants surged 42.8 percent, and construction, on the other hand, rose 52.4 percent. Consumer spending and construction drove growth after a period of enforced hibernation during the lockdown.
(The above story first appeared on LatestLY on Dec 17, 2020 07:18 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).