The news New Zealand is out of a technical recession isn't necessarily cause for celebration.  

Stats NZ figures show GDP rose 0.2% in the three months to March and 0.2% in the year to March. 

But Herald Business Editor Liam Dann told Kerre Woodham that we could still see a series of further per capita contractions over the next few quarters. 

He says if we don't end up back in a technical recession, things could go backwards in another quarter due to the crunch starting to bite on interest rates.  

The Reserve Bank says the growth outlook for the rest of this year is slightly more positive. 

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• GDP: NZ out of recession but “don’t pop the champagne just yet”