New Zealand skyline

GDP Per Capita in New Zealand

New Zealand GDP Per Capita

GDP contraction softens in Q1

GDP dropped 0.1% in Q1 on a seasonally adjusted quarter-on-quarter basis, following the previous quarter’s 0.7% fall.

Private consumption increased 2.4% in the first quarter, which was above the fourth quarter’s flat reading. Public consumption rebounded, growing 0.1% in Q1 (Q4 2022: -2.4% s.a. qoq). Meanwhile, fixed investment bounced back, growing 2.0% in Q1, contrasting the 1.0% decrease in the prior quarter.

Exports of goods and services contracted 2.5% in Q1, marking the worst reading since Q1 2022 (Q4 2022: -1.7% s.a. qoq). In addition, imports of goods and services deteriorated, contracting 1.6% in Q1 (Q4 2022: +2.5% s.a. qoq).

In year-on-year terms, growth moderated to 2.2% in the first quarter, from 2.3% in the fourth quarter of last year.

Commenting on the release, Lee Sue Ann, economist at UOB, stated:

“Overall, there is a high degree of uncertainty surrounding the latest GDP figure, as the COVID-19 pandemic has significantly disrupted the usual seasonal patterns in the data. […] The Reserve Bank of New Zealand’s forecasts show the economy will not slow as much as it previously expected, with a very mild recession projected for the second and third quarters of this year.”

Momentum is expected to remain subdued during the second quarter of this year. Retail payment card spending shrank, on average, in month-on-month terms in April-May. This, coupled with downbeat consumer and business sentiment, points to subdued domestic demand amid stubbornly high price pressures and rising interest rates. On a more positive note, tourist arrivals continued to increase at a strong annual pace in April.

New Zealand GDP Per Capita Chart

This chart displays GDP per capita (USD) for New Zealand from 2013 to 2022.

New Zealand GDP Per Capita Data

2018 2019 2020 2021 2022
GDP per capita (USD) 42,684 42,245 41,224 48,804 47,074
GDP per capita (NZD) 61,725 64,140 63,501 69,041 74,279

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