00:00New Zealand's economy contracted 0.2% in the second quarter, following 0.1% growth
00:06in the previous quarter, pushing the country closer to recession.
00:10High prices, elevated borrowing costs and a housing crisis have hurt consumers, while
00:16dairy products have declined.
00:18Experts suggest the economy is effectively in a recession, having contracted in three
00:22of the last five quarters.
00:25Finance Minister Nicola Willis blamed the Reserve Bank's high interest rates for the
00:30economic struggles, though she remains optimistic about recovery despite predictions of another
00:36contraction in the third quarter.
