New Zealand's economy shrank more than expected in the second quarter.

Jin10 data reported on September 18 that due to the rise in unemployment rate and global uncertainty suppressing demand, New Zealand's economy contracted far more than economists had expected in the second quarter. Data released on Thursday showed that the country's GDP grew 0.9% after revision in the first quarter, but fell 0.9% in the three months ending in June, while economists had previously expected a contraction of 0.3%. New Zealand's economy, which experienced a severe recession last year, has been slow to respond to the Central Bank's significant interest rate cuts. The cooling of demand is expected to ease inflationary pressures, making it possible for the Reserve Bank of New Zealand to further lower interest rates before the end of this year.