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SYDNEY — New Zealand’s economy fell into a recession in the first three months of this year as soaring interest rates and the effects of a cyclone that devastated the North Island forced activity to contract for a second successive quarter.
The agriculture-rich economy contracted 0.1% during the first quarter and grew 2.2% in annual terms, Stats NZ said Thursday. The weak results follow a 0.7% contraction in the fourth quarter of last year.
The…
