The recession gets worse

There is now nothing “technical” recession. In the first three quarters of Labour’s final year in office, the economy shrunk 0.9%, with the third quarter contraction being a large 0.4%.

Agriculture is keeping us going with 6% growth last quarter. However fishing and forestry declined by 6.6% and construction by 1.2%. Govt Admin went up 0.6% however!

Will the 4th quarter also extend the recession? I’d say it probably will.

With no economic growth, less tax is paid. With less tax revenue, there is less money for stuff such as schools and hospitals. Remember this the next time the Greens rail against economic growth.