New Zealand’s economy grew by 2.8 percent on quarter in the three months to June 2021, after a 1.4 percent expansion in Q1 and beating expectations of a 1.3 percent rise. Growth was led by the services industries (2.8 percent vs 1.1 percent in Q1); and both the primary (5 percent vs 1.2 percent) and goods-producing industries (1.3 percent vs 1.7 percent) also contributed to growth in the quarter. Retail trade and accommodation was the largest contributor to GDP growth in the June 2021 quarter, driven by higher activity in accommodation and food services. Exports of services rose by 63 percent driven by exports of travel services, transport services, other business services, and also film exports. However, exports of services remain significantly affected by international travel restrictions due to COVID-19 and are still 43.0 percent below the levels of the December 2019 quarter. source: Statistics New Zealand
GDP Growth Rate in New Zealand averaged 0.65 percent from 1987 until 2021, 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 October of 2021.
GDP Growth Rate in New Zealand is expected to be -5.00 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 Growth Rate is projected to trend around 3.00 percent in 2022 and 4.00 percent in 2023, according to our econometric models.