New Zealand’s economy rebounded 14.0 percent year-on-year in the third quarter of 2020, after declining a downwardly revised 11 percent in the previous period and compared to market expectations of a 14.1 percent growth. It was the first expansion in three quarters and the largest quarterly rise on record, as the economy continues to recover from the COVID-19 outbreak. The services sector rebounded a sharp 11.1 percent, after plunging 9.8 percent in Q2, nudged by transport, postal and warehousing (16 percent vs -39 percent), retail trade & accommodation (42.8 percent vs -22.6 percent), and wholesale trade (19.2 percent vs -13.1 percent). Additionally, the goods-producing industries expanded 26.0 percent following a 15.9 percent decline, as manufacturing rebounded 17.2 percent (vs -11.3 percent) and construction 52.4 percent (-26.5 percent). On a quarterly basis, GDP rebounded 0.4 percent following a 12.4 percent drop in the previous period. source: Statistics New Zealand
GDP Growth Rate in New Zealand averaged 0.62 percent from 1987 until 2020, reaching an all time high of 14 percent in the third quarter of 2020 and a record low of -12.20 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 February of 2021.
GDP Growth Rate in New Zealand is expected to be 0.10 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 0.90 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.