Most of us have already felt the pinch in one way or another — and the latest economic figures for Quarter 2 of 2025 (ending 30 June) shows that New Zealand’s economy contracted by 0.09 percent. The size of this decline came as a surprise to many economists, but on the ground, many New Zealanders felt the decline first-hand — from reduced consumer spending to business caution, all intensified by new trade tariffs announced in the United States and a general drop in confidence across global markets.