<ul><li>New Zealand's agriculture-driven economy has entered into a recession, with official data showing a contraction of 0.1 percent in the first quarter, following a 0.7 percent decline at the end of 2022.</li><li>The recession comes just months before the national elections, and Finance Minister Grant Robertson acknowledged that the downturn was not unexpected given the challenging global economic conditions and the impact of weather events such as January flooding in Auckland and Cyclone Gabrielle in February.</li><li>The extreme weather events have caused significant damage, with the government estimating a cost of up to NZ$15 million (US$9 million) to address the aftermath.</li></ul>

New Zealand economy falls into Recession, 1st since 2020

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