New Zealand GDP Growth Rate

Last Release

Dec 31, 2022

Actual

-0.6

Units In

Frequency

Quarterly

Next Release

Jun 19, 2024

Time to Release

2 Months 29 Days 20 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 shrank by 0.1% quarter-on-quarter in the fourth quarter of 2023, following a 0.3% contraction in the previous period and missed market forecasts of a 0.1% growth. It marked the fourth quarter of contraction in the last five quarters, driven by declines in wholesale trade (-1.8% compared to -2.2% in Q3) and retail trade activity (-0.9% compared to -0.4% in Q3). Results at industry level were mixed – 8 out of 16 industries increased, driven by rental, hiring, and real estate services; and public administration, safety, and defense. On a annual basis, the GDP shrank by 0.3 percent, after a 0.6 percent decline in the previous quarter.