New Zealand’s economy expanded by 1.7 percent on the quarter in the three months to June of 2022, rebounding sharply from the 0.2 percent contraction in the previous period and surpassing estimates of a 1 percent growth rate. A robust expansion was noted in the services industries (2.3 percent), which make up about two thirds of the Kiwi economy, as the reopening of borders and lower domestic and international travel restrictions uplifted economic activity in industries hit hard by the Covid response measures. In the meantime, primary industries also expanded (0.2 percent), as a rebound for agriculture, forestry, and fishing made up for the sharp declines in mining. On the other hand, goods producing industries contracted further (-3.8 percent), amid a sharp contraction for manufacturing. On an annual basis, the GDP expanded by 0.4 percent, easing from the 1.2 percent growth in the prior period. source: Statistics New Zealand

GDP Growth Rate in New Zealand averaged 0.64 percent from 1987 until 2022, reaching an all time high of 13.90 percent in the third quarter of 2020 and a record low of -9.90 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 November of 2022.

GDP Growth Rate in New Zealand is expected to be 0.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand GDP Growth Rate is projected to trend around 1.10 percent in 2023 and 0.70 percent in 2024, according to our econometric models.

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New Zealand GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-06-15 10:45 PM Q1 -0.2% 3% 0.6% 0.6%
2022-09-14 10:45 PM Q2 1.7% -0.2% 1% 1.5%
2022-12-18 09:45 PM Q3 1.7% 0.4%


Related Last Previous Unit Reference
GDP Growth Rate 1.70 -0.20 percent Jun 2022
GDP Annual Growth Rate 0.40 1.00 percent Jun 2022
GDP Constant Prices 69592.00 68460.00 NZD Million Jun 2022
Gross National Product 75715.00 77152.00 NZD Million Jun 2022
Gross Fixed Capital Formation 16989.00 17574.00 NZD Million Jun 2022
GDP from Utilities 1805.00 1800.00 NZD Million Jun 2022
GDP from Transport 2998.00 2491.00 NZD Million Jun 2022
GDP from Services 46991.00 45780.00 NZD Million Jun 2022
GDP from Public Administration 3176.00 3176.00 NZD Million Jun 2022
GDP from Mining 480.00 524.00 NZD Million Jun 2022
GDP from Manufacturing 5702.00 6068.00 NZD Million Jun 2022
GDP from Construction 4486.00 4654.00 NZD Million Jun 2022
GDP from Agriculture 3327.00 3315.00 NZD Million Jun 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
1.70 -0.20 13.90 -9.90 1987 - 2022 percent Quarterly

News Stream
Kiwi Economy Rebounds More than Expected in Q2
New Zealand’s economy expanded by 1.7 percent on the quarter in the three months to June of 2022, rebounding sharply from the 0.2 percent contraction in the previous period and surpassing estimates of a 1 percent growth rate. A robust expansion was noted in the services industries (2.3 percent), which make up about two thirds of the Kiwi economy, as the reopening of borders and lower domestic and international travel restrictions uplifted economic activity in industries hit hard by the Covid response measures. In the meantime, primary industries also expanded (0.2 percent), as a rebound for agriculture, forestry, and fishing made up for the sharp declines in mining. On the other hand, goods producing industries contracted further (-3.8 percent), amid a sharp contraction for manufacturing. On an annual basis, the GDP expanded by 0.4 percent, easing from the 1.2 percent growth in the prior period.
2022-09-14
New Zealand GDP Unexpectedly Contracts in Q1
New Zealand’s economy shrank by 0.2 percent on quarter in the three months to March of 2022, following a 3 percent rise in the previous period and missing estimates of a 0.6 percent growth. Primary industries (-1.2 percent) drove the contraction, followed by goods-producing industries (-0.1 percent), as lower output in manufacturing (-1.4 percent) and utilities (-0.4 percent) more than offset growth in construction (1.7 percent). Meanwhile, service activities stalled. On the expenditure side, net external demand contributed negatively, as exports slipped 14.3 percent while imports fell at a softer 2.8 percent. On the other hand, both private consumption (4.6 percent) and government spending (2 percent) increased. On an annual basis, the GDP expanded by 1.2 percent, slowing from a 3.6 percent rise in the previous period.
2022-06-15
New Zealand GDP Expands Less than Expected
New Zealand’s economy expanded by 3 percent on the quarter in the three months leading to December of 2021, following a downwardly revised 3.6 percent contraction in the previous period and missing estimates of a 3.2 percent growth rate. Growth was underpinned by services which were able to operate better in the fourth quarter of 2021 due to lower Covid-19 restrictions, reflected in a 6.7 percent rise in retail trade and accommodation output. Meanwhile, goods-production industries expanded by 6.5 percent while primary industries contracted 2.2 percent. Considering the full 2021, the Kiwi economy contracted 1.4 percent, compared to the 2.2 percent increase in 2020, despite the pandemic.
2022-03-16