New Zealand skyline

New Zealand Economy

New Zealand's economy in numbers:

Nominal GDP of USD 242 billion in 2022.

GDP per capita of USD 47,126 compared to the global average of USD 10,589.

Average real GDP growth of 3% over the last decade.

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

Economic structure:

In 2019, services accounted for 74% of overall GDP, manufacturing 10%, other industrial activity 10%, and agriculture 6%. Looking at GDP by expenditure, private consumption accounted for 58% of GDP in 2020, government consumption 21%, fixed investment 22%, and net exports -1%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 15% of total merchandise exports, mineral fuels 1%, food 66%, ores and metals 3% and agricultural raw materials 12%, with other categories accounting for 3% of the total. In the same period, manufactured products made up 76% of total merchandise imports, mineral fuels 8%, food 11%, ores and metals 2% and agricultural raw materials 1%, with other goods accounting for 2% of the total. Total exports were worth USD 46 billion in 2022, while total imports were USD 55 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 3.0% in the decade to 2022. To read more about GDP growth in New Zealand, go to our dedicated page.

Fiscal policy:

New Zealand's fiscal deficit averaged 1.1% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 4.8% in the decade to 2022. For more information on New Zealand's unemployment click here.

Inflation:

Inflation averaged 2.0% in the decade to 2022. Go to our New Zealand inflation page for extra insight.

Monetary Policy:

New Zealand's monetary policy rate ended 2022 at 4.25%, up from 2.50% a decade earlier. See our New Zealand monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the New Zealand dollar weakened by 33.3% vs the U.S. dollar. For more info on the New Zealand dollar, click here.
Economic activity rose 0.2% quarter-on-quarter in Q1 on a seasonally adjusted basis, an improvement from the 0.1% contraction seen in Q4 and the strongest performance since Q2 2023. The increase in economic activity was driven by higher private spending, which outweighed for reductions in government expenditure, investment, and exports. Despite this, the overall economic picture remained tepid, as GDP per capita declined for the sixth consecutive quarter. Our Consensus is for another muted economic expansion in Q2, as momentum continues to be weighed down by high interest rates. Available data is suitably gloomy: PMI survey data pointed to worsening dynamics in the manufacturing and services sectors in April–June, and both consumer and business sentiment averaged below Q1 levels in the second quarter.
Projections out to 2033.

46 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 25 expert analysts.

Want to get insight on the economic outlook for New Zealand in the coming years? FocusEconomics collects projections out to 2033 on 46 economic indicators for New Zealand from a panel of 25 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 Data

2019 2020 2021 2022 2023
Population (million) 5.0 5.1 5.1 5.1 5.2
GDP (USD bn) 211 210 250 242 248
GDP per capita (USD) 42,229 41,289 48,819 47,163 47,394
GDP (NZD bn) 320 323 353 381 405
GDP per capita (NZD) 64,116 63,603 69,062 74,419 77,223
Economic Growth (Nominal GDP, ann. var. %) 5.7 1.2 9.1 8.1 6.1
Economic Growth (GDP, ann. var. %) 3.1 -1.4 5.6 2.4 0.6
Domestic Demand (ann. var. %) 3.2 -1.7 10.1 3.3 -1.2
Private Consumption (ann. var. %) 3.2 -1.7 7.7 3.2 0.5
Government Consumption (ann. var. %) 5.0 6.7 7.8 4.9 -0.8
Business Investment (ann. var. %) 5.0 -7.4 13.5 6.3 -2.4
Residential Investment (ann. var. %) 5.3 -3.2 9.0 -0.9 -4.0
Fixed Investment (ann. var. %) 4.3 -4.7 12.1 3.4 -0.9
Exports (G&S, ann. var. %) 2.6 -13.5 -2.5 0.2 9.3
Imports (G&S, ann. var. %) 2.3 -15.6 14.4 4.8 -0.3
Manufacturing Production (ann. var. %) 1.1 -4.4 4.1 -5.3 -5.3
Retail Sales (ann. var. %) 3.5 0.4 8.4 -0.4 -3.8
Unemployment (% of active population, aop) 4.1 4.6 3.8 3.3 3.7
Fiscal Balance (% of GDP) 2.4 -7.3 -1.3 -2.7 -2.4
Public Debt (% of GDP) 31.8 43.3 47.5 47.2 45.9
Money (ann. var. of M3 %) 4.7 12.2 7.1 1.8 3.6
Inflation (CPI, ann. var. %, eop) 1.9 1.4 5.9 7.2 4.7
Inflation (CPI, ann. var. %, aop) 1.6 1.7 3.9 7.2 5.7
Inflation (PPI, ann. var. %, aop) 2.1 1.0 4.6 8.3 3.1
Official Cash Rate (%, eop) 1.00 0.25 0.75 4.25 5.50
90-Day Bank Bill (%, eop) 1.23 0.26 0.91 4.53 5.63
10-Year Bond Yield (%, eop) 1.65 0.99 2.37 4.48 4.38
Stock Market (ann. var. of NZX %) 26.0 11.4 -2.9 -14.5 -0.7
Exchange Rate (USD per NZD, eop) 0.67 0.72 0.68 0.63 0.63
Exchange Rate (USD per NZD, aop) 0.66 0.65 0.71 0.63 0.61
Current Account Balance (USD bn) -5.9 -2.1 -14.5 -21.2 -17.1
Current Account Balance (% of GDP) -2.8 -1.0 -5.8 -8.8 -6.9
Merchandise Trade Balance (USD bn) -2.4 1.5 -4.1 -7.8 -7.4
Foreign Direct Investment (USD bn) 4.3 4.0 4.1 7.9 3.6

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