New Zealand’s GDP expanded 2.3 percent on an annual basis in the three months to September 2019, up from a 2.1 percent expansion in the previous period but below market expectations of a 2.4 percent rise. Growth was mainly nudged by retail trade (5.1 percent vs 3.0 percent in Q2), information media & telecommunications (4 percent vs 0.7 percent), construction (5 percent vs 4.1 percent) and public administration and safety (4.3 percent vs 5.6 percent). Also, activity rebounded for utilities (0.8 percent vs -0.3 percent) and manufacturing (0.9 percent vs -0.4 percent). Meanwhile, agriculture expanded at a softer pace (2.4 percent vs 3.9 percent) and transport, postal & warehousing shrank (-1.1 percent vs 1.6 percent). On a quarterly basis, activity rose 0.7 percent following a 0.1 percent expansion, above consensus of 0.6 percent. GDP Annual Growth Rate in New Zealand averaged 2.64 percent from 1988 until 2019, reaching an all time high of 7.30 percent in the third quarter of 1993 and a record low of -2.30 percent in the first quarter of 2009. source: Statistics New Zealand
GDP Annual Growth Rate in New Zealand is expected to be 2.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in New Zealand to stand at 2.50 in 12 months time. In the long-term, the New Zealand GDP Annual Growth Rate is projected to trend around 2.80 percent in 2020, according to our econometric models.