The GDP in New Zealand 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. Growth was mainly nudged by construction, up 5.6 percent after a 1.0 percent rise in the previous quarter. Also, primary activity jumped 1.4 percent after a 0.2 percent advance, while mining rebounded 3.2 percent after plummeting 11.3 percent in the previous three months. Within services, transport, postal & warehousing expanded 5.9 percent, followed by a 4.3 percent expansion in public administration & safety. On a quarterly basis, GDP advanced 0.6 percent, matching both a 0.6 percent expansion in the previous period and market forecasts. GDP Annual Growth Rate in New Zealand averaged 2.62 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.
GDP Annual Growth Rate in New Zealand is expected to be 3.10 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 2.80 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.