The New Zealand economy advanced 0.6 percent on quarter in the first three months of 2019, matching a 0.6 percent expansion in the previous period and market forecasts. Construction was the main contributor to GDP growth this quarter, rising 3.7 percent, up from a 2.2 percent increase in the previous quarter, with both residential and non-residential buildings rising. In contrast, services edged up 0.2 percent, dragged by falls in retail trade and accommodation; rental, hiring, and real estate services; and information media and telecommunications. Meantime, manufacturing rebounded 1.4 percent after shrinking 0.4 percent and utilities rebounded 0.1 percent following a 0.6 percent contraction. On a yearly basis, GDP advanced 2.5 percent year-on-year in the first quarter of 2019, matching the upwardly revised 2.5 expansion of the previous period (original: 2.3 percent) and slightly above expectations of 2.5 percent. GDP Growth Rate in New Zealand averaged 0.64 percent from 1987 until 2019, reaching an all time high of 2.80 percent in the third quarter of 1999 and a record low of -2.40 percent in the first quarter of 1991.
GDP Growth Rate in New Zealand is expected to be 0.70 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 0.70 in 12 months time. In the long-term, the New Zealand GDP Growth Rate is projected to trend around 1.00 percent in 2020, according to our econometric models.