An economist says we're in an economy that's significantly smaller than estimated. 

GDP fell 0.3% in the three months to September. 

The June quarter's figures showed 0.5% growth, revised from 0.9%.

NZ Initiative director Oliver Hartwich told Mike Hosking that it means we're in a technical recession, but the revision's more shocking. 

He says all together, the effect was the economy is now 1.8% of GDP smaller than the Reserve Bank last thought when they set the Official Cash Rate.

LISTEN ABOVE

An economist says we're in an economy that's significantly smaller than estimated.  
GDP fell 0.3% in the three months to September.  
The June quarter's figures showed 0.5% growth, revised from 0.9%. 
NZ Initiative director Oliver Hartwich told Mike Hosking that it means we're in a technical recession, but the revision's more shocking.  
He says all together, the effect was the economy is now 1.8% of GDP smaller than the Reserve Bank last thought when they set the Official Cash Rate. 
LISTEN ABOVE

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more.

The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.The sharpest voice and mind in the business, Mike drives strong opinion,...