New Zealand's economy contracted by 1% quarter-on-quarter in the September 2024 quarter, following an upwardly revised 1.1% decline in the previous period, worse than the market's expected 0.4% contraction, and bringing the country back to the recession. The big falls in the June and September quarters were the biggest quarterly drops since late 2021 at the height of the pandemic and lockdowns. The main downward pressure came from manufacturing (-2.6% vs. +1.3% in Q2), business services (-1.5% vs. -0.7% in Q2), and construction (-2.8% vs. -1.6% in Q2). However, positive contributions came from rental, hiring, and real estate services (+1.0% vs. -0.1% in Q2) and agriculture, forestry, and fishing (+1.4% vs. +0.3% in Q2). On an annual basis, GDP fell by 1.5%, following a 0.5% decline in the second quarter. source: Statistics New Zealand

The Gross Domestic Product (GDP) in New Zealand contracted 1 percent in the third quarter of 2024 over the previous quarter. GDP Growth Rate in New Zealand averaged 0.60 percent from 1986 until 2024, reaching an all time high of 14.00 percent in the third quarter of 2020 and a record low of -10.00 percent in the second quarter of 2020. This page provides - New Zealand GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2025.

The Gross Domestic Product (GDP) in New Zealand contracted 1 percent in the third quarter of 2024 over the previous quarter. GDP Growth Rate in New Zealand is expected to be -1.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand GDP Growth Rate is projected to trend around 0.60 percent in 2025 and 0.50 percent in 2026, according to our econometric models.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-09-18 10:45 PM
GDP Growth Rate QoQ
Q2 -0.2% 0.1% -0.4% -0.3%
2024-12-18 09:45 PM
GDP Growth Rate QoQ
Q3 -1% -1.1% -0.4% -0.3%
2025-03-19 09:45 PM
GDP Growth Rate QoQ
Q4 -1% -1.2%


Related Last Previous Unit Reference
GDP Growth Rate YoY -1.50 -0.50 percent Sep 2024
GDP Constant Prices 71481.00 72071.00 NZD Million Sep 2024
GDP from Agriculture 3725.00 3674.00 NZD Million Sep 2024
GDP from Construction 4330.00 4455.00 NZD Million Sep 2024
GDP from Manufacturing 5370.00 5513.00 NZD Million Sep 2024
GDP from Mining 494.00 505.00 NZD Million Sep 2024
GDP from Public Administration 3360.00 3420.00 NZD Million Sep 2024
GDP from Services 48807.00 49065.00 NZD Million Sep 2024
GDP from Transport 2764.00 2797.00 NZD Million Sep 2024
GDP from Utilities 1787.00 1855.00 NZD Million Sep 2024
GDP Growth Rate -1.00 -1.10 percent Sep 2024
Gross Fixed Capital Formation 17127.00 17640.00 NZD Million Sep 2024
Gross National Product 76180.00 76922.00 NZD Million Sep 2024

New Zealand GDP Growth Rate
New Zealand has an advanced market economy, highly dependent on international trade. The country is closely link with Australia, which is the biggest importer of “kiwi” products, supplier and investor. New Zealand’s most developed industries are focused on tourism and exports of agricultural products and are the main source of growth. Services are the biggest sector of the economy and account for 75 percent of total GDP including: finance, insurance and business services (30 percent); personal and community services (13 percent), and transport and communication (11 percent). Industry accounts for 17 percent of GDP with manufacturing constituting 13 percent and construction 4 percent. Agriculture, fishing, forestry and mining accounts for the remaining 8 percent.
Actual Previous Highest Lowest Dates Unit Frequency
-1.00 -1.10 14.00 -10.00 1986 - 2024 percent Quarterly


News Stream
New Zealand Economy Back in Recession
New Zealand's economy contracted by 1% quarter-on-quarter in the September 2024 quarter, following an upwardly revised 1.1% decline in the previous period, worse than the market's expected 0.4% contraction, and bringing the country back to the recession. The big falls in the June and September quarters were the biggest quarterly drops since late 2021 at the height of the pandemic and lockdowns. The main downward pressure came from manufacturing (-2.6% vs. +1.3% in Q2), business services (-1.5% vs. -0.7% in Q2), and construction (-2.8% vs. -1.6% in Q2). However, positive contributions came from rental, hiring, and real estate services (+1.0% vs. -0.1% in Q2) and agriculture, forestry, and fishing (+1.4% vs. +0.3% in Q2). On an annual basis, GDP fell by 1.5%, following a 0.5% decline in the second quarter.
2024-12-18
New Zealand GDP Contracts in Q2
New Zealand's economy shrank by 0.2% quarter-on-quarter in the three months to June of 2024, following a downwardly revised 0.1% expansion in the previous period, while the market expected a 0.4% contraction. It snapped two straight quarters of growth, driven by decreases in Retail trade and accommodations (-1.3% compared to 0.0% in Q1), Agriculture, forestry, and fishing (-1.4% compared to 0.0%), and Wholesale trade (-1.3% compared to -1.5%). Despite the overall fall in GDP, 7 out of the 16 industries increased. The largest rise was in manufacturing (+1.9% compared to -1.4%). On an annual basis, GDP contracted by 0.5%, swinging from a 0.5% growth in the previous quarter.
2024-09-18
New Zealand GDP Growth Exceeds Expectations in Q1
New Zealand's economy expanded by 0.2% quarter-on-quarter in the first quarter of 2024, rebounding from a 0.1% contraction in the previous period and exceeding market expectations of stagnation. This marked the second quarter of growth in the last six quarters, driven by increases in utilities (+2.9% compared to +0.2% in Q4), arts, recreation, and other services (+0.3% compared to -0.9%), and retail trade activity (+0.2% compared to -0.7%), while wholesale trade (-0.3% compared to -1.8%) declined at a slower pace. Results across industries were mixed, with 8 out of 16 industries expanding, particularly driven by rental, hiring, and real estate services, as well as electricity, gas, water, and waste services. On an annual basis, GDP grew by 0.3%, rebounding from a 0.3% decline in the previous quarter.
2024-06-19