New Zealand’s economy grew 2.4 percent from a year earlier in the first quarter of 2021, rebounding from a revised 0.8 percent contraction in the previous period and compared to market expectations of a 0.9 percent increase. It was the strongest expansion since the third quarter of 2019, as both goods-producing industries (5.1 percent vs -0.4 percent in Q4) and services industries rebounded (1.8 percent vs -0.4 percent). Also, primary industries output dropped at a softer pace (-2.6 percent vs -3.0 percent). On a quarterly basis, the economy expanded 1.6 percent in the first three months of 2021 after contracting a revised 1.0 percent in the prior quarter, beating market expectations of a 0.5 percent increase. source: Statistics New Zealand

GDP Annual Growth Rate in New Zealand averaged 2.46 percent from 1988 until 2021, reaching an all time high of 7.30 percent in the third quarter of 1993 and a record low of -11.20 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 June of 2021.

GDP Annual Growth Rate in New Zealand is expected to be 6.50 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 2.00 in 12 months time. In the long-term, the New Zealand GDP Annual Growth Rate is projected to trend around 3.50 percent in 2022 and 2.80 percent in 2023, according to our econometric models.

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New Zealand GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.40 -0.80 7.30 -11.20 1988 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-09-16 10:45 PM Q2 -12.4% -0.1% -13.3% -13.5%
2020-12-16 10:45 PM Q3 0.4% -12.4% -1.3% -1%
2021-03-17 09:45 PM Q4 -0.9% 0.2% 0.5% 0.6%
2021-06-16 10:45 PM Q1 2.4% -0.8% 0.9% 0.6%
2021-09-15 10:45 PM Q2 2.4%
2021-12-18 09:45 PM Q3


News Stream
New Zealand Q1 GDP Growth at Fastest Pace Since 2019
New Zealand’s economy grew 2.4 percent from a year earlier in the first quarter of 2021, rebounding from a revised 0.8 percent contraction in the previous period and compared to market expectations of a 0.9 percent increase. It was the strongest expansion since the third quarter of 2019, as both goods-producing industries (5.1 percent vs -0.4 percent in Q4) and services industries rebounded (1.8 percent vs -0.4 percent). Also, primary industries output dropped at a softer pace (-2.6 percent vs -3.0 percent). On a quarterly basis, the economy expanded 1.6 percent in the first three months of 2021 after contracting a revised 1.0 percent in the prior quarter, beating market expectations of a 0.5 percent increase.
2021-06-16
New Zealand GDP Shrinks 0.9% YoY
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.
2021-03-17
New Zealand Annual GDP Rebounds in Q3
New Zealand’s GDP grew 0.4 percent on an annual basis in the three months to September 2020, following a 12.4 decrease in the previous period and compared to market expectations of a 1.3 percent decline. It was the first expansion after two straight declines,as construction rebounded a sharp 8.5 percent following a 25.8 percent plunge in the previous three months. Also, manufacturing grew 2.2 percent after falling 13 percent in Q2. Within services, health care & social assistance jumped 6.2 percent, while public administration and safety (+5.9 percent), rental & hiring (+3.3 percent), and retail trade & accommodation (+8.6 percent) expanded sharply. On an annual basis, GDP expanded at a record pace of 14 percent after a revised 11 percent fall in the previous period.
2020-12-16
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 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.