NZ GDP Declined to a 29 year LOW | NZ Market Update

  • Jun 18, 2020 NZST
  • Team Kalkine

Now when New Zealand is under alert level 1 restriction, the current limits on tenancy terminations ends on 25 June. The government has extended support to people who are at risk of being evicted due to non-payment of rent. The NZ government is extending Rent Arrears Aid to such people. Minister for Social Development, Carmel Sepuloni said that the assistance would secure kiwis who may have made up a rental debt and they can stay in their houses.

As per the Stats NZ’s latest report, the initial effects of COVID-19 restrictions on commercial activity resulted in the decline of the GDP by 1.6 per cent in the March 2020 quarter. The decline in March quarter in GDP is the biggest drop in 29 years. During March quarter, due to the travel restrictions and beginning of lockdown, there was a general drop in the economic activity.

In an update to the New Zealand stock exchange (NZX) on Thursday, Air New Zealand said it was expecting a loss of up to $120 million for its 2020 financial year. The announcement came days after the release of a report by Forsyth Barr analysts Andy Bowley and Scott Anderson which said Air New Zealand cash losses and asset impairments would materially deplete its net asset value as at June 30, 2020, and likely further to June 30, 2021.

#NZX #GDP #AirNewZealand #Kalkine

 


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