New Zealand’s economy contracted 12.4 percent year-on-year in the second quarter of 2020, after declining a downwardly revised 0.1 percent in the previous period and compared to market expectations of a 13.3 percent slump. It was the second successive contraction and the steepest on record, as the COVID-19 outbreak hit the economy. The services sector plunged 10.9 percent, after expanding 0.7 percent in Q1, of which transport, postal and warehousing (-42.1%), retail trade & accommodation (-25.2%); wholesale trade (-13%); and arts, recreation and other services (-25.9%). Additionally, the goods-producing industries tumbled 18.4 percent, faster than a 3.3 percent drop in the prior quarter, namely construction (-28.6%) and manufacturing (-14.9%). Also, primary activities shrank 7.1 percent, after growing 0.8 percent. On a quarterly basis, the GDP slumped a record 12.2 percent , following a downwardly revised 1.4 percent contraction in the previous period. source: Statistics New Zealand

GDP Annual Growth Rate in New Zealand averaged 2.49 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 -12.40 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 November of 2020.

GDP Annual Growth Rate in New Zealand is expected to be -6.00 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 16.50 in 12 months time. In the long-term, the New Zealand GDP Annual Growth Rate is projected to trend around 4.00 percent in 2021 and 2.80 percent in 2022, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Please Paste this Code in your Website
width
height
New Zealand GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-12.40 -0.10 7.30 -12.40 1988 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-12-18 09:45 PM Q3 2.3% 2.1% 2.4% 2.3%
2020-03-18 09:45 PM Q4 1.8% 2.3% 1.8% 1.8%
2020-06-17 10:45 PM Q1 -0.2% 1.8% 0.3% 0.5%
2020-09-16 10:45 PM Q2 -12.4% -0.1% -13.3% -13.5%
2020-12-18 09:45 PM Q3 -12.4% -6%
2021-03-18 09:45 PM Q4
2021-06-17 10:45 PM Q1
2021-09-16 10:45 PM Q2


News Stream
New Zealand Q2 GDP Shrinks the Most on Record, Enters Recession
New Zealand’s economy contracted 12.4 percent year-on-year in the second quarter of 2020, after declining a downwardly revised 0.1 percent in the previous period and compared to market expectations of a 13.3 percent slump. It was the second successive contraction and the steepest on record, as the COVID-19 outbreak hit the economy. The services sector plunged 10.9 percent, after expanding 0.7 percent in Q1, of which transport, postal and warehousing (-42.1%), retail trade & accommodation (-25.2%); wholesale trade (-13%); and arts, recreation and other services (-25.9%). Additionally, the goods-producing industries tumbled 18.4 percent, faster than a 3.3 percent drop in the prior quarter, namely construction (-28.6%) and manufacturing (-14.9%). Also, primary activities shrank 7.1 percent, after growing 0.8 percent. On a quarterly basis, the GDP slumped a record 12.2 percent , following a downwardly revised 1.4 percent contraction in the previous period.
2020-09-16
New Zealand GDP Shrinks 0.2% YoY
New Zealand’s economy contracted 0.2 year-on-year in the first quarter of 2020 after growing 1.8 percent in the previous period and compared to market expectations of a 0.3 percent increase, as COVID restrictions took a toll. It was the first contraction since the third quarter of 2009, mainly explained by a 3 percent decline in manufacturing and a 5 percent contraction in construction. Within services, transport, postal & warehousing fell 4.6 percent. In contrast, media & telecommunications expanded 5.2 percent. On a quarterly basis, GDP shrank 1.6 percent on quarter in the three months to March 2020 following a 0.5 percent increase in the previous period and compared to market expectations of a 1 percent contraction.
2020-06-17
New Zealand Q4 GDP Growth Slows to 6-Year Low
New Zealand’s economy advanced 1.8 percent year-on-year in fourth quarter of 2019, easing from a 2.3 percent expansion in the previous period and matching market expectations. It was the weakest growth rate since the last quarter of 2013, amid a slowdown in retail trade (3.4 percent vs 3.6 percent in Q3), information media & telecommunications (3.4 percent vs 4 percent), manufacturing (0.3 percent vs 0.9 percent), and agriculture, forestry & fishing (-0.2 percent vs 2.4 percent). In contrast, utilities (1.5 percent vs 0.8 percent) and public administration & safety (5.4 percent vs 4.3 percent) gained steam. On a quarterly basis, activity rose 0.5 percent following a 0.7 percent expansion. Considering 2019 as a whole, the economy grew 3.1 percent, less than a 3.2 percent expansion in 2018.
2020-03-18
New Zealand Annual GDP Grows Further
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.
2019-12-18

New Zealand GDP Annual Growth Rate
In New Zealand, services are the biggest sector of the economy and account for 75 percent of total GDP. Within services the most important segments are: 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. Within industry, manufacturing represents 13 percent of GDP while construction 4 percent. The remaining 8 percent is contributed by agriculture, fishing, forestry and mining.