The country's recession is expected to have deepened in the September quarter, according to economists, who are predicting the economy to be in the worst shape its been in for eight years.
Most economists expect official growth figures due tomorrow to show the economy (GDP) contracted as muchas 0.5 per cent in the September quarter.
It dropped 0.2 per cent and 0.3 percent in the previous two quarters of 2008.
Statistics New Zealand will release the data tomorrow morning.
The global financial crisis and credit crunch are the primary culprits, added to falling prices overseas for our commodities.
Consumers tightening their pockets, businesses investing less and a stalled housing market are also indicators of a continued recession, which shows no signs of abating as 2009 draws near.
Some experts are now tipping official interest rates to be cut from 5 per cent to 4 per cent next month.
Reserve Bank governor Alan Bollard said this month that he expected a "shallow recovery" next year.
Westpac economist Brendan O'Donovan told Reuters that "indicators suggest actions to date are helping to stem the bleeding, but more needs to be done."
