NZIER Chief Economist: Q2 economic contraction not to be as severe

In a Bloomberg interview earlier this Tuesday, New Zealand Institute of Economic Research’s (NZIER) Chief Economist said that he doesn’t expect the NZ economic contraction to be as severe.

The activity gauge indicates the annual GDP fall will be 2% in Q2, he added.  

His comments come after the body’s Quarterly Survey of Business Opinion (QSBO) showed that the NZ Business Confidence improved to -63 in vs. -70 seen in Q1.

The survey was conducted over the main period of the COVID-19 lockdown.