GDP in New Zealand
New Zealand - GDP
The economy sinks in Q1 as Omicron variant spreads
GDP decreased 0.2% in seasonally-adjusted quarter-on-quarter terms in Q1 amid the spread of the Omicron variant and border restrictions. The result followed Q4 2021’s 3.0% expansion. Meanwhile, on an annual basis, GDP expanded 1.2% in Q1, following Q4’s 3.1% increase.
The quarterly downturn came on the back of a marked cooling in both domestic and external demand. Private consumption rose 4.6% (Q4: +5.5% s.a. qoq), while fixed investment growth fell to 1.2% in Q1 (Q4: +12.1% s.a. qoq). Moreover, government spending growth moderated (Q1: +2.0% s.a. qoq; Q4: +4.1% s.a. qoq).
Meanwhile, exports fell at a sharper rate of 14.3% in Q1 (Q4: -2.0% s.a. qoq), while imports shrank 2.8% in the quarter, after increasing 3.2% in Q4.
FocusEconomics panelists project the economy to grow 4.5% in 2022, which is unchanged from last month’s estimate, and 3.2% in 2023.
New Zealand - GDP Data
|Economic Growth (GDP, annual variation in %)||3.5||3.9||3.1||3.2||2.3|
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||1.67||1.20 %||Dec 30|
|Exchange Rate||0.67||-1.69 %||Jan 01|
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June 17, 2022
GDP decreased 0.2% in seasonally-adjusted quarter-on-quarter terms in Q1 amid the spread of the Omicron variant and border restrictions.
May 31, 2022
The ANZ bank business outlook indicator dipped in May.
May 31, 2022
The ANZ-Roy Morgan consumer confidence indicator fell to 82.3 in May from April’s 84.4.
May 30, 2022
At its 25 May meeting, the Reserve Bank of New Zealand (RBNZ) decided to hike the official cash rate to 2.00% from 1.50%, marking the fifth consecutive increase.
May 5, 2022
The seasonally-adjusted unemployment rate remained stable in Q1 at Q4 2021’s 3.2%, which had marked the lowest print since 1986.