NZAC - Economic Downturn Spreads As More Sectors Report Falling Output And Record Price Rises

• While growth outside of China has shown some encouraging resilience, losing only marginal momentum in April on average, this can be linked to resurgent spending on consumer services amid loosened COVID-19 restrictions.
• Worsening supply chain delays meanwhile contributed to renewed output falls for autos & parts and machinery & equipment manufacturing.
• The broadening economic malaise is being triggered by the lockdowns in the China and Ukraine war, both of which are exacerbating existing pandemic-related supply chain disruptions and price rises.

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