In the fourth quarter, GDP increased a seasonally-adjusted 0.9% over the previous quarter, which was below the revised 1.2% expansion observed in the third quarter (previously reported: +1.4% quarter-on-quarter), meeting market expectations. Compared to the same quarter of the previous year, GDP increased 3.1% in Q4 (Q3: +3.3% year-on-year). Q4's expansion was driven by strong growth in manufacturing. Accordingly, manufacturing increased 2.1% in Q4, which was above the 1.6% expansion tallied in Q3. In addition, positive growth was recorded in all other sectors of the economy except for agriculture, which fell 2.0% in Q4 following a massive post-drought rebound in Q3. Mining and electricity, gas and water had the highest growth rates at 9.4% and 3.7%, respectively. On an expenditure basis, GDP grew 0.6% over the previous period, which was below the 1.0% expansion recorded in Q3. The print mainly reflects a deceleration in fixed investment (Q3: +2.6% qoq, Q4: +0.4% qoq) and a contraction in government consumption (Q3: +2.1% qoq, Q4: -0.5% qoq). Conversely, private consumption increased 1.2% in Q4, which was stronger than the 0.4% expansion observed in Q3. In addition, the external sector improved as exports grew 3.1% in Q4 (Q3: -0.7% qoq), while imports grew 0.2%, well below the 4.1% increase recorded in Q3. Consequently, the external sector's net contribution to overall economic growth swung from minus 1.8 percentage points in Q3 to plus 0.9 percentage points in Q4. The Reserve Bank of New Zealand revised up its growth forecasts its March Monetary Policy Statement. The Bank now expects the economy to grow 3.0% in 2014 and 3.5% in 2015. FocusEconomics Consensus Forecast panelists expect the economy to grow 3.1% in 2014, which is unchanged from last month's forecast. For 2015, the panel sees the economy expanding 2.7%.
New Zealand GDP
Economic growth moderates in Q4
March 20, 2014
Looking for forecasts related to GDP in New Zealand? Download a sample report now.
New Zealand GDP Chart
Note: Quarter-on-quarter changes of seasonlly adjusted GDP in %.
Source: Statistics New Zealand and FocusEconomics Consensus Forecast.
New Zealand Economic News
October 19, 2016
In Q3, consumer prices edged down from the quarter-on-quarter seasonally-adjusted 0.4% increase observed in Q2 to 0.2%.
September 30, 2016
Economic sentiment among New Zealand businesses rebounded in September after declining for two consecutive months.
September 22, 2016
At its meeting held on 22 September, the Reserve Bank of New Zealand (RBNZ) decided to keep the Official Cash Rate (OCR) at 2.00%.
September 19, 2016
New Zealanders’ confidence rose in Q3 after having deteriorated in the previous two quarters.
September 15, 2016
GDP grew a seasonally-adjusted 0.9% over the previous quarter in Q2, which matched the result tallied in Q1.