New Zealand’s economy contracted 0.2 year-on-year in the first quarter of 2020 after growing 1.8 percent in the previous period and compared to market expectations of a 0.3 percent increase, as COVID restrictions took a toll. It was the first contraction since the third quarter of 2009, mainly explained by a 3 percent decline in manufacturing and a 5 percent contraction in construction. Within services, transport, postal & warehousing fell 4.6 percent. In contrast, media & telecommunications expanded 5.2 percent. On a quarterly basis, GDP shrank 1.6 percent on quarter in the three months to March 2020 following a 0.5 percent increase in the previous period and compared to market expectations of a 1 percent contraction.

GDP Annual Growth Rate in New Zealand averaged 2.61 percent from 1988 until 2020, reaching an all time high of 7.30 percent in the third quarter of 1993 and a record low of -2.30 percent in the first quarter of 2009. 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 July of 2020. source: Statistics New Zealand

GDP Annual Growth Rate in New Zealand is expected to be -3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in New Zealand to stand at 1.50 in 12 months time. In the long-term, the New Zealand GDP Annual Growth Rate is projected to trend around 4.00 percent in 2021 and 2.80 percent in 2022, according to our econometric models.

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New Zealand GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.20 1.80 7.30 -2.30 1988 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-09-18 10:45 PM Q2 2.1% 2.5% 2% 2.2%
2019-12-18 09:45 PM Q3 2.3% 2.1% 2.4% 2.3%
2020-03-18 09:45 PM Q4 1.8% 2.3% 1.8% 1.8%
2020-06-17 10:45 PM Q1 -0.2% 1.8% 0.3% 0.5%
2020-09-18 10:45 PM Q2 -0.2% -13%
2020-12-18 09:45 PM Q3 -4%
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News Stream
New Zealand GDP Shrinks 0.2% YoY
New Zealand’s economy contracted 0.2 year-on-year in the first quarter of 2020 after growing 1.8 percent in the previous period and compared to market expectations of a 0.3 percent increase, as COVID restrictions took a toll. It was the first contraction since the third quarter of 2009, mainly explained by a 3 percent decline in manufacturing and a 5 percent contraction in construction. Within services, transport, postal & warehousing fell 4.6 percent. In contrast, media & telecommunications expanded 5.2 percent. On a quarterly basis, GDP shrank 1.6 percent on quarter in the three months to March 2020 following a 0.5 percent increase in the previous period and compared to market expectations of a 1 percent contraction.
2020-06-17
New Zealand Q4 GDP Growth Slows to 6-Year Low
New Zealand’s economy advanced 1.8 percent year-on-year in fourth quarter of 2019, easing from a 2.3 percent expansion in the previous period and matching market expectations. It was the weakest growth rate since the last quarter of 2013, amid a slowdown in retail trade (3.4 percent vs 3.6 percent in Q3), information media & telecommunications (3.4 percent vs 4 percent), manufacturing (0.3 percent vs 0.9 percent), and agriculture, forestry & fishing (-0.2 percent vs 2.4 percent). In contrast, utilities (1.5 percent vs 0.8 percent) and public administration & safety (5.4 percent vs 4.3 percent) gained steam. On a quarterly basis, activity rose 0.5 percent following a 0.7 percent expansion. Considering 2019 as a whole, the economy grew 3.1 percent, less than a 3.2 percent expansion in 2018.
2020-03-18
New Zealand Annual GDP Grows Further
New Zealand’s GDP expanded 2.3 percent on an annual basis in the three months to September 2019, up from a 2.1 percent expansion in the previous period but below market expectations of a 2.4 percent rise. Growth was mainly nudged by retail trade (5.1 percent vs 3.0 percent in Q2), information media & telecommunications (4 percent vs 0.7 percent), construction (5 percent vs 4.1 percent) and public administration and safety (4.3 percent vs 5.6 percent). Also, activity rebounded for utilities (0.8 percent vs -0.3 percent) and manufacturing (0.9 percent vs -0.4 percent). Meanwhile, agriculture expanded at a softer pace (2.4 percent vs 3.9 percent) and transport, postal & warehousing shrank (-1.1 percent vs 1.6 percent). On a quarterly basis, activity rose 0.7 percent following a 0.1 percent expansion, above consensus of 0.6 percent.
2019-12-18
New Zealand GDP Annual Growth Weakest in 5-1/2-Years
The economy in New Zealand advanced 2.1 percent year-on-year in the second quarter of 2019, easing from a 2.5 expansion in the previous period but beating market consensus of 2 percent. It was the weakest growth rate since the last quarter of 2013, amid a slowdown in the services sector (2.4 percent vs 2.6 percent in Q1), namely wholesale trade (1.3 percent vs 2.7 percent), information & telecommunications (0.4 percent vs 1.4 percent) and health care & social assistance (3.3 percent vs 4.5 percent); and in the goods-producing industries (1.1 percent vs 3.1 percent in Q1), in particular manufacturing (-0.7 percent vs 1.9 percent), and construction (3.8 percent vs 5.6 percent). In contrast, primary activities expanded 2.7 percent, faster than a 1.4 percent rise in the prior quarter, boosted by mining (16 percent vs 3.1 percent). On a quarterly basis, the GDP advanced 0.5 percent, after a 0.6 percent expansion in Q1 and also beating forecasts of 0.4 percent.
2019-09-18

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.