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.

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New Zealand GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
14.00 -12.20 14.00 -12.20 1987 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-03-18 09:45 PM Q4 0.5% 0.8% 0.5% 0.5%
2020-06-17 10:45 PM Q1 -1.6% 0.5% -1% -0.7%
2020-09-16 10:45 PM Q2 -12.2% -1.4% -12.8% -13.1%
2020-12-16 10:45 PM Q3 14.0% -11.0% 13.5% 14.1%
2021-03-17 09:45 PM Q4 14.0% 0.1%
2021-06-16 10:45 PM Q1
2021-09-16 10:45 PM Q2
2021-12-18 09:45 PM Q3


News Stream
New Zealand GDP Expands the Most in Record
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.
2020-12-16
New Zealand Economy Enters Recession
New Zealand’s GDP shrank 12.2% on quarter in the three months to June 2020, following a downwardly revised 1.4% decrease in the previous period and compared to market expectations of a 12.8% plunge. It was the second consecutive quarterly contraction and the sharpest on record, officially entering recession amid the coronavirus crisis. The services sector tumbled 10.9%, faster than a 1% fall in Q1, in particular retail trade & accommodation (-25.2% vs -1.8% in Q1), wholesale trade (-13.1% vs -0.2%) and transport, postal & warehousing (-38.7% vs -5.2%). Also, the goods-producing industries contracted 16.3%, after dropping 2.8% in the prior quarter, of which construction (-25.8% vs -4.1%) and manufacturing (-13% vs -2.2%). Additionally, primary activities declined 8.7%, after expanding 0.2%. On an annual basis, the GDP shrank a record 12.4%, following a downwardly revised 0.1% contraction in the prior period.
2020-09-16
New Zealand GDP Contracts More than Expected
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.
2020-06-17
New Zealand GDP Growth Eases to 1.8% in Q4
New Zealand’s economy advanced 1.8 percent year-on-year in fourth quarter of 2019, easing from a 2.3 percent expansion in the previous period and matching market expectations. It was the weakest growth rate since the last quarter of 2013, amid a slowdown in retail trade (3.4 percent vs 3.6 percent in Q3), information media & telecommunications (3.4 percent vs 4 percent), manufacturing (0.3 percent vs 0.9 percent). Also, agriculture, forestry & fishing shrank 0.2 percent, after expanding 2.4 percent in Q3. In contrast, output in utilities (1.5 percent vs 0.8 percent) and public administration & safety (5.4 percent vs 4.3 percent) accelerated. On a quarterly basis, the economy expanded 0.5 percent, faster than a 0.7 percent increase in the prior period. Considering full 2019, the economy grew 3.1 percent, slowing from a 3.2 percent expansion in 2018.
2020-03-18

New Zealand GDP Growth Rate
New Zealand has an advanced market economy, highly dependent on international trade. The country is closely link with Australia, which is the biggest importer of “kiwi” products, supplier and investor. New Zealand’s most developed industries are focused on tourism and exports of agricultural products and are the main source of growth. Services are the biggest sector of the economy and account for 75 percent of total GDP including: finance, insurance and business services (30 percent); personal and community services (13 percent), and transport and communication (11 percent). Industry accounts for 17 percent of GDP with manufacturing constituting 13 percent and construction 4 percent. Agriculture, fishing, forestry and mining accounts for the remaining 8 percent.