New Zealand’s 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, as travel restrictions and a national lockdown contributed heavily to the largest decline in 29 years. Services weighed the most to the drop, as hospitality (accommodation, restaurants, and bars) was among the most affected industries, falling 7.8 percent and tourism declining after the border was closed to slow the spread of the coronavirus. Meanwhile, construction dropped 4.1 percent and the transport, postal, and warehousing industry shrank 5.2 percent. On an annual basis, GDP contracted 0.2 percent after a 1.8 percent expansion.
GDP Growth Rate in New Zealand averaged 0.63 percent from 1987 until 2020, 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. 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 July of 2020. source: Statistics New Zealand
GDP Growth Rate in New Zealand is expected to be 9.00 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 1.00 in 12 months time. In the long-term, the New Zealand GDP Growth Rate is projected to trend around 0.70 percent in 2021 and 1.00 percent in 2022, according to our econometric models.