Strict lockdown could cause 37% quarterly GDP contraction – RBNZ

New Zealand dollar banknotes
RBNZ

An economic assessment of containment measures in New Zealand has revealed GDP could contract by up to 37% a quarter under strict lockdown laws.

On May 6, the Reserve Bank of New Zealand published a paper outlining its estimates of the direct impact on GDP from each of the country’s four Covid-19 alert levels.

Under a scenario where all non-essential activity is under lockdown (alert level 4), the central bank estimates the country would lose NZ$10 billion ($6.05 billion) in lost production

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