New Zealand skyline

New Zealand GDP

New Zealand GDP

Economic Growth in New Zealand

The New Zealand economy recorded an average growth rate of 3.1% in the decade to 2022, below the 4.4% average for the Asia-Pacific region. In 2022, New Zealand's real GDP growth was 2.7%. For more GDP information, visit our dedicated page.

New Zealand GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for New Zealand from 2017 to 2016.
Source: Statistics New Zealand.

New Zealand GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 3.5 3.1 -1.4 5.6 2.4
GDP (USD bn) 209 211 210 250 241
GDP (NZD bn) 302 320 323 353 381
Economic Growth (Nominal GDP, ann. var. %) 5.6 5.7 1.2 9.1 7.9

Economy drops at a more moderate pace in Q4

GDP dropped at a slower rate of 0.1% on a seasonally adjusted quarter-on-quarter basis in the fourth quarter, above the 0.3% contraction seen in the third quarter. On an annual basis, economic activity declined 0.3% in Q4, compared to the previous quarter's 0.6% fall.

The quarterly upturn reflected a broad-based improvement in private consumption, public spending, fixed investment and exports. Household spending increased 0.5% in the fourth quarter, which contrasted the third quarter's 0.9% contraction. Public consumption, meanwhile, rebounded, growing 0.2% in Q4 (Q3: -1.7% s.a. qoq). Meanwhile, fixed investment contracted at a milder rate of 0.3% in Q4, from the 3.0% decrease recorded in the prior quarter. On the external front, exports of goods and services increased 3.2% on a seasonally adjusted quarterly basis in the fourth quarter, which was above the third quarter's 2.4% contraction. Conversely, imports of goods and services dropped at a quicker rate of 2.9% in Q4 (Q3: -0.5% s.a. qoq).

Commenting on the outlook, UOB’s Lee Sue Ann stated: “Recent economic data suggest that economic growth has been weaker than expected. We forecast GDP growth to remain sluggish at 0.7% in 2024. Positive factors include a turning housing market, surging net migration, and expansionary fiscal policy; while negative factors include tight monetary conditions, softer global demand, and heightened geopolitical tensions.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects New Zealand GDP projections for the next ten years from a panel of 24 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. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for New Zealand GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our New Zealand GDP projections.

Want to get access to the full dataset of New Zealand GDP forecasts? Send an email to info@focus-economics.com.

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