Blog
New Zealand
Jim Riley
27th March 2009
Just over two weeks ago one of my best friends flew out to New Zealand for six months to play in their domestic rugby season. He is intending to supplement his income from rugby by getting a part time job. A report on the BBC website this morning indicates that this may be harder than he first thought.
The New Zealand economy shrank at its fastest rate in 17 years in the last three months of 2008. Its GDP fell by 0.9%, the most since 1992. The decline is being led by a stuttering manufacturing sectot. The IMF expects a 2% decline in GDP in 2009. New Zealand was last in recession in 1998.