Despite New Zealand’s heavy dependence on the international economy, its business cycles do not correspond very closely to those of its major trading partners. This graph shows only the timing of the low and high points of each country’s business cycles, not the amplitude.
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Sources: Melbourne Institute of Applied Economic and Social Research, National Bureau of Economic Research; Viv Hall and John McDermott, A quarterly post-World War II real GDP series for New Zealand. Wellington: Motu Economic and Public Policy Research Trust, 2007.