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.