New Zealand fell into its first recession since 2010

New Zealand entered recession for the first time in almost a decade as the coronavirus pandemic led to the country's largest quarterly contraction in 29 years.

Gross domestic product fell 1.6% in the first quarter, Statistics New Zealand reported on Thursday. This is the largest decline since 1991 and more than 1% predicted by economists. Compared to the previous year, the economy shrank by 0.2% - this is the first contraction since 2009.