The economy in the first quarter entered a recession, falling 0.1 per cent, in line with market expectations.

Data from Stats NZ this morning showed how the economy performed in the first three months of 2023.

And revised data showed GDP contracted by 0.7 per cent in the final quarter of 2022, worse than the 0.6 per cent recorded earlier.

In the minutes following the release, the New Zealand dollar fell to US61.96c from US62.13c.

NZ Herald Business Editor at Large, Liam Dann, joined Kerre Woodham to discuss the development.

LISTEN ABOVE

See omnystudio.com/listener for privacy information.