New Zealand’s economy grew 17.4 percent from a year earlier in the second quarter of 2021, following an upwardly revised 2.9 percent expansion in the previous period and above market expectations of a 16.3 percent advance. It was the fastest expansion in GDP since records began in 1988 largely due to low base effects from the previous year when the Covid-19 shock hit the economy. On a quarterly basis, the economy expanded 2.8 percent in the three months to June, after a 1.4 percent rise in Q1 and beating expectations of a 1.3 percent increase. source: Statistics New Zealand

GDP Annual Growth Rate in New Zealand averaged 2.63 percent from 1988 until 2021, reaching an all time high of 17.40 percent in the second quarter of 2021 and a record low of -10.20 percent in the second quarter of 2020. This page provides - New Zealand GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2021.

GDP Annual Growth Rate in New Zealand is expected to be 1.00 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 Annual Growth Rate is projected to trend around 3.50 percent in 2022 and 2.80 percent in 2023, according to our econometric models.

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New Zealand GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-06-16 10:45 PM Q1 2.4% -0.8% 0.9% 0.6%
2021-09-15 10:45 PM Q2 17.4% 2.9% 16.3% 16.2%
2021-12-15 09:45 PM Q3 17.4%


Related Last Previous Unit Reference
GDP Growth Rate 2.80 1.40 percent Jun/21
GDP Annual Growth Rate 17.40 2.90 percent Jun/21
GDP Constant Prices 69724.00 67775.00 NZD Million Jun/21
Gross National Product 74252.00 74952.00 NZD Million Jun/21
Gross Fixed Capital Formation 16766.00 17276.00 NZD Million Jun/21
GDP From Utilities 1705.00 1702.00 NZD Million Jun/21
GDP From Transport 2584.00 1999.00 NZD Million Jun/21
GDP From Services 45429.00 43804.00 NZD Million Jun/21
GDP From Public Administration 3079.00 3082.00 NZD Million Jun/21
GDP From Mining 656.00 632.00 NZD Million Jun/21
GDP From Manufacturing 6397.00 6291.00 NZD Million Jun/21
GDP From Construction 4463.00 4351.00 NZD Million Jun/21
GDP From Agriculture 3477.00 3230.00 NZD Million Jun/21

News Stream
New Zealand GDP Grows at Record Pace in Q2
New Zealand’s economy grew 17.4 percent from a year earlier in the second quarter of 2021, following an upwardly revised 2.9 percent expansion in the previous period and above market expectations of a 16.3 percent advance. It was the fastest expansion in GDP since records began in 1988 largely due to low base effects from the previous year when the Covid-19 shock hit the economy. On a quarterly basis, the economy expanded 2.8 percent in the three months to June, after a 1.4 percent rise in Q1 and beating expectations of a 1.3 percent increase.
2021-09-15
New Zealand Q1 GDP Growth at Fastest Pace Since 2019
New Zealand’s economy grew 2.4 percent from a year earlier in the first quarter of 2021, rebounding from a revised 0.8 percent contraction in the previous period and compared to market expectations of a 0.9 percent increase. It was the strongest expansion since the third quarter of 2019, as both goods-producing industries (5.1 percent vs -0.4 percent in Q4) and services industries rebounded (1.8 percent vs -0.4 percent). Also, primary industries output dropped at a softer pace (-2.6 percent vs -3.0 percent). On a quarterly basis, the economy expanded 1.6 percent in the first three months of 2021 after contracting a revised 1.0 percent in the prior quarter, beating market expectations of a 0.5 percent increase.
2021-06-16
New Zealand GDP Shrinks 0.9% YoY
The Gross Domestic Product (GDP) of New Zealand unexpectedly shrank 0.9 percent on an annual basis in the last three months of 2020 after expanding a revised 0.2 percent in the third quarter, disappointing market expectations of a 0.5 percent increase. The decline was mainly explained by a 25.5 percent plunge in transport, postal, and warehousing services. Mining, down 17.5 percent, also weighed heavily. On the bright side, education services expanded 3.6 percent. On a quarterly basis, the economy unexpectedly shrank 1 percent in the last three months of 2020 after expanding a revised 13.9 percent in the third quarter, disappointing market expectations of a 0.1 percent increase. For the whole year, GDP dropped 2.9 percent over the year to December 2020, the largest annual fall ever for New Zealand.
2021-03-17

New Zealand GDP Annual Growth Rate
In New Zealand, services are the biggest sector of the economy and account for 75 percent of total GDP. Within services the most important segments are: finance, insurance and business services (30 percent); personal and community services (13 percent), and transport and communication (11 percent). Industry accounts for 17 percent of GDP. Within industry, manufacturing represents 13 percent of GDP while construction 4 percent. The remaining 8 percent is contributed by agriculture, fishing, forestry and mining.