The takeaways from the just released data are:

1. Any estimate of GDP is subject to error.

2. The 0.2 percent decrease in the March 2022 quarter is not precise and will be revised, with the mild likelihood that it will eventually be higher.

3. New Zealand has no ‘official' definition of a recession.

4. The New Zealand economy seems to be stagnating. Whether we are in a recession (or going into one) or it is something more structural we cannot yet tell.