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Sir John Key: Former Prime Minister on the GDP contracting 0.9%
Description
Sir John Key says the Reserve Bank deserves much of the blame for the latest sharp drop in GDP.
Our economy's contracted 0.9% in the June quarter.
The Government says international turmoil and uncertainty over tariffs have driven the fall, which was much larger than expected.
Key told Mike Hosking the OCR was also a major factor.
He says two months ago he was criticised for calling for the OCR to come down 100-basis points, but that will probably now happen by Christmas.
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