The Gross Domestic Product (GDP) of New Zealand unexpectedly shrank 1 percent on a quarterly basis in the last three months of 2020 after expanding a revised 13.9 percent in the third quarter, disappointing market expectations of a 0.1 percent increase. At the industry level (down 3.2 percent), 7 out of 16 industries declined, dragged mainly by construction (-8.7 percent) and manufacturing (-0.7 percent), whereas utilities expanded 1.9 percent and was the only category in the growth zone. Meanwhile, services edged up 0.1 percent and primary activity fell 0.6 percent. For the whole year, GDP dropped 2.9 percent over the year to December 2020, the largest annual fall ever for New Zealand. source: Statistics New Zealand
GDP Growth Rate in New Zealand averaged 0.61 percent from 1987 until 2020, reaching an all time high of 13.90 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 May 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 0.30 in 12 months time. In the long-term, the New Zealand GDP Growth Rate is projected to trend around 1.00 percent in 2022, according to our econometric models.