New Zealand’s economy moving backward amid fresh GDP figures

Fresh GDP figures from New Zealand show the country’s economy is moving backward. Despite the negative growth, recent interest rates are fueling business confidence. Sky News New Zealand correspondent Jack Nyhof says the economic statistics are “gloomy”. “Regional New Zealand is getting hit by a downturn,” he said. “The latest GDP data shows the economy shrunk by 0.2 per cent in the last quarter.”