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Economy

New Zealand Q3 economic growth slammed by delta lockdowns

Negative growth of 3.7% is 2nd largest decline ever but better than forecast

Auckland, New Zealand, in August. Lockdowns stymied retail, manufacturing, construction and recreational activities.   © Reuters

WELLINGTON (Reuters) -- New Zealand's gross domestic product (GDP) shrank 3.7% in the third quarter from the previous quarter, the second largest decline on record, as the economy was hit by an outbreak of the Delta variant of COVID-19, official data showed on Thursday.

The figure was not as bad as expected by economists polled by Reuters, who had forecast production-based growth would shrink 4.5% for the quarter, while the Reserve Bank of New Zealand had penciled in a drop of 7.0%.

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