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Jun 25, 2009, 23:44 GMT

New Zealand recession worsens with fifth quarter slump

Wellington - New Zealand's deepening recession was confirmed Friday with the release of official figures showing the economy had contracted for the fifth consecutive quarter. The economy, as measured by gross domestic product (GDP), shrank 1 per cent in the March quarter, mainly because of a 7.2 per cent fall in manufacturing activity, Statistics New Zealand reported. It was the biggest quarterly fall in GDP since the recession began at the start of last year, topping the 0.9 per cent contraction recorded in the three months ending December 31. On an annual basis, GDP decreased 1 per cent in the 12 months ending March, the first annual decline in economic activity since 1991-92, Statistics New Zealand said. The largest contributors to the annual fall were the construction industry, down 8.9 per cent, and manufacturing, which fell 5.4 per cent. The latest official figures show the unemployment rate is 5 per cent, a six-year high, but the social development ministry reported this week that 1,000 people a week are joining the jobless ranks as the recession worsens. The New Zealand Institute of Economic Research has forecast the unemployment rate will hit 7.2 per cent by March next year.

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