New Zealand's Macroeconomic Analysis:
Nominal GDP of USD 253 billion in 2023.
GDP per capita of USD 48,247 compared to the global average of USD 10,589.
Average real GDP growth of 2.9% over the last decade.
Sector Analysis
In 2020, services accounted for 67% of overall GDP, manufacturing 9%, other industrial activity 18%, and agriculture 6%. Looking at GDP by expenditure, private consumption accounted for 58% of GDP in 2022, government consumption 21%, fixed investment 26%, and net exports -5%.International trade
In 2021, manufactured products made up 16% of total merchandise exports, mineral fuels 1%, food 66%, ores and metals 3% and agricultural raw materials 10%, with other categories accounting for 4% of the total. In the same period, manufactured products made up 71% of total merchandise imports, mineral fuels 14%, food 11%, ores and metals 2% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 43 billion in 2023, while total imports were USD 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
GDP shrank by 1.0% quarter on quarter in Q3, a slight improvement from the downwardly revised 1.1% contraction in Q2. In Q3, private and public consumption, fixed investment and exports all worsened compared to the previous quarter. The third quarter GDP fall, coupled with large revisions to past periods, highlighted the feeble state of the economy as high interest rates hit momentum. Economic output was lower in Q3 than at the start of 2023, and output per capita fell throughout Q1–Q3 2024. Encouragingly, more recent data hints at an incipient recovery amid looser financial conditions. Both business and consumer confidence surged in Q4 from Q3; electronic card transactions rebounded in Q4, and a survey of services firms pointed to an easing downturn in the sector in the fourth quarter.New Zealand Economic Forecasts
Projections out to 2034.46 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 2034 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.