Economy in recession

It look like the claims of Clark and Cullen that they are careful stewards of the economy are going to look very, very hollow.

The Treasury, despite official GDP figures for the June quarter being unavailable till next month, believes the economy has contracted for the second successive quarter.

Two quarters of GDP contraction are considered a technical recession.

Their report uses words such as “bleak”. Ask anyone in advertising and retail whether the economy is in recession and they have known about it for months. Take a drive down the motorway, speeds of 100km/h are easily attainable even after 4pm. I’d say the figures will be dire indeed.