The recession has hit the number of new businesses being created.
Statistics New Zealand says the number of start-ups in the year to February slumped by 15%, to hit a six-year low.
The number of businesses shutting their doors in the year to February rose 3% to 53,000.
The number of start-ups fell to 52,000, resulting in a 0.3% increase in the number of companies during the year.
Construction and hiring and real estate-related companies had the highest attrition rate.