GDP in New Zealand
New Zealand - GDP
Growth stable in Q1
The economy expanded 0.6% in quarter-on-quarter seasonally-adjusted terms in the first quarter, unchanged from Q4 2018’s result. Likewise, on a year-on-year basis, first quarter growth matched the previous quarter’s 2.3% expansion, which had marked the lowest print in five years.
The first-quarter expansion was chiefly led by goods-producing industries, which accelerated on the back of the sharpest increase in construction activity in a year and a half, and a rebound in manufacturing output (Q1: +1.4% quarter-on-quarter seasonally-adjusted; Q4 2018: +0.4% qoq s.a.). In contrast, the services sector posted its lowest quarterly growth since September 2012 (Q1: +0.2% qoq s.a.; Q4 2018: +0.9% qoq s.a.), dragged by lower activity in the rental, hiring and real estate services, as well as in the retail trade and accommodation sectors. Lastly, primary industries shrank 0.7% in Q1 (Q4 2018: -0.3% qoq s.a.), as adverse weather conditions weighed on the agricultural sector.
On the expenditure side, both fixed investment and government expenditure gathered momentum in the first quarter, while private consumption lost stride. On the external front, exports recorded the fastest quarter-on-quarter increase in more than four years in Q1, while imports rebounded mildly.
FocusEconomics Consensus Forecast panelists expect the economy to grow 2.5% in 2019, which is unchanged from last month’s forecast, and also 2.5% in 2020.
New Zealand - GDP Data
|Economic Growth (GDP, annual variation in %)||2.2||3.6||3.5||4.0||2.9|
5 years of economic forecasts for more than 30 economic indicators.
New Zealand GDP Chart
Source: Statistics New Zealand and FocusEconomics calculations.
New Zealand Facts
|Bond Yield||1.54||1.20 %||Jun 20|
|Exchange Rate||0.66||-1.69 %||Jun 20|
|Stock Market||4,487||0.11 %||Jun 20|
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June 20, 2019
The economy expanded 0.6% in quarter-on-quarter seasonally-adjusted terms in the first quarter, unchanged from Q4 2018’s result.
May 31, 2019
The ANZ-Roy Morgan consumer confidence indicator declined to 119.3 in May (April: 123.2), notching a six-month low but remaining well above the 100-point threshold that separates optimism from pessimism among consumers. Consumers were more pessimistic about current conditions in May from a month earlier, reflecting reluctance to buy big-ticket household items as well as a dimer perception of their current financial situation.
May 30, 2019
The ANZ bank business outlook indicator rose by 5.5 points in May, with a net 32.0% firms reporting that they expect general business conditions to deteriorate this year.
May 8, 2019
On 8 May, the Reserve Bank of New Zealand (RBNZ) lowered the official cash rate (OCR) by 25 basis points to an all-time low of 1.50%.
May 1, 2019
The seasonally-adjusted unemployment rate edged down to 4.2%, from Q3’s 4.3%, as had been expected by market analysts.