New Zealand skyline

New Zealand Economic Data & Projections

New Zealand's Macroeconomic Analysis:

Nominal GDP of USD 258 billion in 2024.

Nominal GDP of USD 253 billion in 2023.

GDP per capita of USD 48,247 compared to the global average of USD 10,589.

GDP per capita of USD 48,196 compared to the global average of USD 10,589.

Average real GDP growth of 2.7% over the last decade.

Average real GDP growth of 2.9% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2020, services accounted for 67.1% of overall GDP, manufacturing 8.8%, other industrial activity 18.3%, and agriculture 5.8%. Looking at GDP by expenditure, private consumption accounted for 58.2% of GDP in 2022, government consumption 21.1%, fixed investment 25.8%, and net exports -5.1%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2023, manufactured products made up 16.1% of total merchandise exports, mineral fuels 1.4%, food 65.8%, ores and metals 3.3% and agricultural raw materials 9.8%, with other categories accounting for 3.6% of the total. In the same period, manufactured products made up 70.8% of total merchandise imports, mineral fuels 14.5%, food 11.3%, ores and metals 1.7% and agricultural raw materials 0.6%, with other goods accounting for 1.1% of the total. Total exports were worth USD 43.30 billion in 2024, while total imports were USD 48.50 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual growth of 2.9% in the decade to 2023. To read more about GDP growth in New Zealand, go to our dedicated page.

Fiscal policy

New Zealand's fiscal deficit averaged 0.9% of GDP in the decade to 2023. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 4.5% in the decade to 2024. For more information on New Zealand's unemployment click here.

Inflation

Inflation averaged 2.6% in the decade to 2024. Go to our New Zealand inflation page for extra insight.

Monetary Policy

New Zealand's monetary policy rate ended 2024 at 4.25%, up from 3.50% a decade earlier. See our New Zealand monetary policy page for additional details.

Exchange Rate

From end-2014 to end-2024 the New Zealand dollar weakened by 33.3% vs the U.S. dollar. For more info on the New Zealand dollar, click here.

Economic situation in New Zealand

GDP rose by 0.6% sequentially in Q4, rebounding from a 1.1% contraction in Q3 and marking the strongest performance since Q2 2023. Q4’s reading surpassed market expectations, and came amid better consumer and business sentiment alongside decreasing interest rates. The quarter-on-quarter upturn was due to improvements in private consumption, public spending, fixed investment, and exports. That said, the economy still shrank over 2024 as a whole. Our panelists expect the economy to be expanding at a robust pace in Q1 2025, buoyed by the monetary easing cycle. Available data is mixed. On one hand, in January–February, electronics card transactions were roughly flat vs Q4, and economic sentiment among firms and households weakened from the Q4 average. On the other hand, readings for housing permits and tourist arrivals have improved so far this year.

New Zealand Economic Forecasts

Projections out to 2034.

47 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 24 expert analysts.

Want to get insight on the economic outlook for New Zealand in the coming years? FocusEconomics collects projections out to 2034 on 47 economic indicators for New Zealand from a panel of 24 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the New Zealand economy. To download a sample report on the New Zealand's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

New Zealand Economic Indicators

2020 2021 2022 2023 2024
Population (million) 5.1 5.1 5.1 5.2 5.3
GDP (USD bn) 210 250 244 253 258
GDP per capita (USD) 41,342 48,829 47,675 48,299 48,404
GDP (NZD bn) 324 353 386 413 427
GDP per capita (NZD) 63,684 69,077 75,227 78,697 80,023
Economic Growth (Nominal GDP, ann. var. %) 1.2 9.0 9.2 7.0 3.5
Economic Growth (GDP, ann. var. %) -1.4 5.7 2.9 1.8 -0.5
Domestic Demand (ann. var. %) -1.7 10.0 4.3 -0.6 -0.8
Private Consumption (ann. var. %) -1.7 7.9 4.1 1.0 0.2
Government Consumption (ann. var. %) 6.7 7.9 5.2 0.8 0.0
Business Investment (ann. var. %) -7.2 12.6 4.3 -3.2 -6.5
Residential Investment (ann. var. %) -3.1 8.6 -2.3 -5.6 -10.1
Fixed Investment (ann. var. %) -4.1 11.0 4.2 0.0 -4.6
Exports (G&S, ann. var. %) -13.5 -2.3 -0.5 11.0 4.1
Imports (G&S, ann. var. %) -15.5 14.5 4.7 -0.4 2.4
Manufacturing Production (ann. var. %) -4.4 4.8 -4.4 -4.8 -
Retail Sales (ann. var. %) 0.4 8.4 -0.4 -3.8 -2.0
Unemployment (% of active population, aop) 4.6 3.8 3.3 3.7 4.7
Fiscal Balance (% of GDP) -7.3 -1.3 -2.7 -2.4 -
Public Debt (% of GDP) 43.2 47.5 46.9 47.0 -
Money (ann. var. of M3 %) 12.2 7.1 1.8 3.6 -
Inflation (CPI, ann. var. %, eop) 1.4 5.9 7.2 4.7 2.2
Inflation (CPI, ann. var. %, aop) 1.7 3.9 7.2 5.7 2.9
Inflation (PPI, ann. var. %, aop) 1.0 4.6 8.3 3.1 3.4
Official Cash Rate (%, eop) 0.25 0.75 4.25 5.50 4.25
90-Day Bank Bill (%, eop) 0.26 0.91 4.53 5.63 4.27
10-Year Bond Yield (%, eop) 0.99 2.37 4.48 4.38 4.53
Stock Market (ann. var. of NZX %) 11.4 -2.9 -14.5 -0.7 8.1
Exchange Rate (USD per NZD, eop) 0.72 0.68 0.63 0.63 0.56
Exchange Rate (USD per NZD, aop) 0.65 0.71 0.63 0.61 0.60
Current Account Balance (USD bn) -2.3 -15.0 -22.6 -17.6 -16.0
Current Account Balance (% of GDP) -1.1 -6.0 -9.2 -6.9 -6.2
Merchandise Trade Balance (USD bn) 1.5 -4.1 -7.8 -7.4 -5.2
Foreign Direct Investment (USD bn) 4.0 4.1 7.9 3.6 -
Free Sample Report

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