New Zealand’s economy shrank by 0.2 percent on quarter in the three months to March of 2022, following a 3 percent rise in the previous period and missing estimates of a 0.6 percent growth. Primary industries (-1.2 percent) drove the contraction, followed by goods-producing industries (-0.1 percent), as lower output in manufacturing (-1.4 percent) and utilities (-0.4 percent) more than offset growth in construction (1.7 percent). Meanwhile, service activities stalled. On the expenditure side, net external demand contributed negatively, as exports slipped 14.3 percent while imports fell at a softer 2.8 percent. On the other hand, both private consumption (4.6 percent) and government spending (2 percent) increased. On an annual basis, the GDP expanded by 1.2 percent, slowing from a 3.6 percent rise in the previous period. source: Statistics New Zealand
GDP Growth Rate in New Zealand averaged 0.63 percent from 1987 until 2022, reaching an all time high of 13.90 percent in the third quarter of 2020 and a record low of -9.90 percent in the second quarter of 2020. This page provides - New Zealand GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2022.
GDP Growth Rate in New Zealand is expected to be 0.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand GDP Growth Rate is projected to trend around 1.10 percent in 2023 and 0.70 percent in 2024, according to our econometric models.