New Zealand’s GDP shrank 12.2% on quarter in the three months to June 2020, following a downwardly revised 1.4% decrease in the previous period and compared to market expectations of a 12.8% plunge. It was the second consecutive quarterly contraction and the sharpest on record, officially entering recession amid the coronavirus crisis. The services sector tumbled 10.9%, faster than a 1% fall in Q1, in particular retail trade & accommodation (-25.2% vs -1.8% in Q1), wholesale trade (-13.1% vs -0.2%) and transport, postal & warehousing (-38.7% vs -5.2%). Also, the goods-producing industries contracted 16.3%, after dropping 2.8% in the prior quarter, of which construction (-25.8% vs -4.1%) and manufacturing (-13% vs -2.2%). Additionally, primary activities declined 8.7%, after expanding 0.2%. On an annual basis, the GDP shrank a record 12.4%, following a downwardly revised 0.1% contraction in the prior period. source: Statistics New Zealand
GDP Growth Rate in New Zealand averaged 0.52 percent from 1987 until 2020, reaching an all time high of 2.80 percent in the third quarter of 1999 and a record low of -12.20 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 October of 2020.
GDP Growth Rate in New Zealand is expected to be 11.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in New Zealand to stand at 1.00 in 12 months time. In the long-term, the New Zealand GDP Growth Rate is projected to trend around 0.70 percent in 2021 and 1.00 percent in 2022, according to our econometric models.