The Gross Domestic Product (GDP) of New Zealand unexpectedly shrank 0.9 percent on an annual basis in the last three months of 2020 after expanding a revised 0.2 percent in the third quarter, disappointing market expectations of a 0.5 percent increase. The decline was mainly explained by a 25.5 percent plunge in transport, postal, and warehousing services. Mining, down 17.5 percent, also weighed heavily. On the bright side, education services expanded 3.6 percent. On a quarterly basis, the economy unexpectedly shrank 1 percent 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. 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 Annual Growth Rate in New Zealand averaged 2.46 percent from 1988 until 2020, reaching an all time high of 7.30 percent in the third quarter of 1993 and a record low of -11.40 percent in the second quarter of 2020. This page provides - New Zealand GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2021.
GDP Annual Growth Rate in New Zealand is expected to be 3.00 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 4.00 in 12 months time. In the long-term, the New Zealand GDP Annual Growth Rate is projected to trend around 4.00 percent in 2022 and 2.80 percent in 2023, according to our econometric models.