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.