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.