New Zealand GDP Growth Rate

Last Release

Dec 31, 2022

Actual

-0.6

Units In

Frequency

Quarterly

Next Release

Jun 18, 2025

Time to Release

2 Months 29 Days 2 Hours

Highest	Lowest	Average	Date Range	Source
13.9 Sep 2020	-9.9 Jun 2020	0.64 %	1987-2022	Statistics New Zealand

New Zealand has an advanced market economy, highly dependent on international trade. The country is closely link with Australia, which is the biggest importer of “kiwi” products, supplier and investor. New Zealand’s most developed industries are focused on tourism and exports of agricultural products and are the main source of growth. Services are the biggest sector of the economy and account for 75 percent of total GDP including: 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 with manufacturing constituting 13 percent and construction 4 percent. Agriculture, fishing, forestry and mining accounts for the remaining 8 percent.

Latest Updates

New Zealand's economy grew by 0.7% quarter-on-quarter in the three months to December 2024, recovering from a 1.1% contraction in the previous period and surpassing the market's expected 0.4% growth. This expansion comes after two consecutive quarters of declines, the largest since late 2021 during the height of the pandemic and lockdowns. The primary drivers of growth were agriculture, forestry, and fishing (+1.4% vs. -0.2% in Q3), rental, hiring, and real estate services (+1.1% vs. +1.1% in Q2), and manufacturing (+0.3% vs. -2.1% in Q3). However, business services (-0.2% vs. -1.6% in Q3) and construction (-3.1% vs. -2.5% in Q3) continued to weigh on the economy. On an annual basis, GDP contracted by 1.1%, following a 1.6% decline in Q2.