New Zealand's Macroeconomic Analysis:
Nominal GDP of USD 253 billion in 2023.
GDP per capita of USD 48,404 compared to the global average of USD 10,589.
Average real GDP growth of 2.7% over the last decade.
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%.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.Main Economic Indicators
Economic growthThe 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
Our panelists expect the economy to have barely grown in Q2, after an above-trend expansion of 0.8% quarter on quarter in Q1. Available data broadly matches this projection. Electronic card spending—a proxy for private consumption—barely grew in Q2 from Q1, likely weighed on by a jump in inflation and weaker consumer confidence. Moreover, a slump in business confidence could have caused some firms to pause investment decisions, while tourist arrivals averaged lower in April–May vs Q1. In addition, the unemployment rate rose to the highest since 2015 in the second quarter, highlighting notable labor market slack. Heading into Q3, the resumption of Central Bank rate hikes will likely cap domestic demand, though a pullback in inflation should provide some relief to consumers.New Zealand Economic Forecasts
Projections out to 2035.47 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 28 expert analysts.
Want to get insight on the economic outlook for New Zealand in the coming years? FocusEconomics collects projections out to 2035 on 47 economic indicators for New Zealand from a panel of 28 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 | 2025 | |
|---|---|---|---|---|---|---|
| Population (million) | 5.1 | 5.1 | 5.1 | 5.2 | 5.3 | 5.3 |
| GDP (USD bn) | 211 | 250 | 244 | 253 | 258 | 259 |
| GDP per capita (USD) | 41,547 | 49,078 | 47,990 | 48,693 | 48,848 | 48,674 |
| GDP (NZD bn) | 324 | 353 | 385 | 413 | 427 | 445 |
| GDP per capita (NZD) | 63,999 | 69,419 | 75,723 | 79,347 | 80,786 | 83,671 |
| Economic Growth (Nominal GDP, ann. var. %) | 1.4 | 8.8 | 9.2 | 7.0 | 3.6 | 4.2 |
| Economic Growth (GDP, ann. var. %) | -1.3 | 5.5 | 2.6 | 2.2 | -0.3 | 0.2 |
| Domestic Demand (ann. var. %) | -1.6 | 9.7 | 4.2 | -0.5 | -1.1 | 0.9 |
| Private Consumption (ann. var. %) | -1.6 | 7.6 | 3.9 | 1.1 | -0.2 | 1.4 |
| Government Consumption (ann. var. %) | 6.7 | 7.9 | 5.3 | 0.1 | -0.9 | 2.5 |
| Business Investment (ann. var. %) | -7.5 | 12.4 | 3.2 | -4.5 | -5.3 | -0.5 |
| Residential Investment (ann. var. %) | -3.2 | 8.9 | -1.8 | -4.7 | -11.3 | -5.5 |
| Fixed Investment (ann. var. %) | -4.0 | 10.5 | 4.6 | -0.3 | -4.8 | -1.3 |
| Exports (G&S, ann. var. %) | -13.5 | -2.3 | -0.4 | 11.1 | 4.7 | 2.9 |
| Imports (G&S, ann. var. %) | -15.4 | 14.1 | 4.7 | -0.6 | 1.6 | 3.2 |
| 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 | 3.0 |
| Unemployment (% of active population, aop) | 4.6 | 3.8 | 3.3 | 3.8 | 4.8 | 5.3 |
| Fiscal Balance (% of GDP) | -7.3 | -1.3 | -2.7 | -2.4 | -3.1 | -3.2 |
| Public Debt (% of GDP) | 43.2 | 47.5 | 46.9 | 47.3 | 51.4 | 54.7 |
| 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 | 3.1 |
| Inflation (CPI, ann. var. %, aop) | 1.7 | 3.9 | 7.2 | 5.7 | 2.9 | 2.8 |
| Inflation (PPI, ann. var. %, aop) | 1.0 | 4.6 | 8.3 | 3.1 | 3.4 | 3.9 |
| Official Cash Rate (%, eop) | 0.25 | 0.75 | 4.25 | 5.50 | 4.25 | 2.25 |
| 90-Day Bank Bill (%, eop) | 0.26 | 0.91 | 4.53 | 5.63 | 4.27 | 2.49 |
| 10-Year Bond Yield (%, eop) | 0.99 | 2.38 | 4.47 | 4.37 | 4.52 | 4.50 |
| Stock Market (ann. var. of NZX %) | 11.4 | -2.9 | -14.5 | -0.7 | 8.1 | 0.3 |
| Exchange Rate (USD per NZD, eop) | 0.72 | 0.68 | 0.63 | 0.63 | 0.56 | 0.58 |
| Exchange Rate (USD per NZD, aop) | 0.65 | 0.71 | 0.63 | 0.61 | 0.60 | 0.58 |
| Current Account Balance (USD bn) | -2.1 | -14.4 | -22.0 | -15.8 | -12.1 | -9.3 |
| Current Account Balance (% of GDP) | -1.0 | -5.8 | -9.0 | -6.3 | -4.7 | -3.6 |
| Merchandise Trade Balance (USD bn) | 1.7 | -3.7 | -7.3 | -6.5 | -4.0 | -0.9 |
| Foreign Direct Investment (USD bn) | 4.5 | 4.7 | 9.8 | 4.1 | 1.4 | 2.5 |