New Zealand's economy contracted by 1.1% year-on-year in the December quarter of 2024, slightly outperforming expectations of a 1.4% decline, following a 1.6% drop in the prior quarter. The downturn was primarily driven by a 5.6% contraction in goods-producing industries, worsening from a 4.8% decline in Q3. However, the service industries saw a smaller decline of 0.7%, down from a 0.5% growth in the previous quarter, while primary industries grew by 2%, slightly up from 1.9% in Q3. On a quarterly basis, GDP expanded by 0.7%, reversing a 1.1% contraction in the previous quarter. source: Statistics New Zealand

The Gross Domestic Product (GDP) in New Zealand contracted 1.10 percent in the fourth quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in New Zealand averaged 2.47 percent from 1987 until 2024, reaching an all time high of 17.80 percent in the second quarter of 2021 and a record low of -9.80 percent in the second quarter of 2020. This page provides - New Zealand GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2025.

The Gross Domestic Product (GDP) in New Zealand contracted 1.10 percent in the fourth quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in New Zealand is expected to be 0.60 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 Annual Growth Rate is projected to trend around 1.50 percent in 2026 and 1.60 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-12-18 09:45 PM
GDP Growth Rate YoY
Q3 -1.5% -0.5% -0.4% -0.3%
2025-03-19 10:45 PM
GDP Growth Rate YoY
Q4 -1.1% -1.6% -1.4% -1.1%
2025-06-18 10:45 PM
GDP Growth Rate YoY
Q1 -1.1% 0.6%


Related Last Previous Unit Reference
GDP Growth Rate YoY -1.10 -1.60 percent Dec 2024
GDP Constant Prices 72099.00 71504.00 NZD Million Dec 2024
GDP from Agriculture 3744.00 3694.00 NZD Million Dec 2024
GDP from Construction 4176.00 4310.00 NZD Million Dec 2024
GDP from Manufacturing 5418.00 5401.00 NZD Million Dec 2024
GDP from Mining 488.00 494.00 NZD Million Dec 2024
GDP from Public Administration 3348.00 3364.00 NZD Million Dec 2024
GDP from Services 49155.00 48777.00 NZD Million Dec 2024
GDP from Transport 2829.00 2762.00 NZD Million Dec 2024
GDP from Utilities 1828.00 1790.00 NZD Million Dec 2024
GDP Growth Rate 0.70 -1.10 percent Dec 2024
Gross Fixed Capital Formation 17197.00 17175.00 NZD Million Dec 2024
Gross National Product 76655.00 76188.00 NZD Million Dec 2024

New Zealand GDP Annual Growth Rate
In New Zealand, services are the biggest sector of the economy and account for 75 percent of total GDP. Within services the most important segments are: 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. Within industry, manufacturing represents 13 percent of GDP while construction 4 percent. The remaining 8 percent is contributed by agriculture, fishing, forestry and mining.
Actual Previous Highest Lowest Dates Unit Frequency
-1.10 -1.60 17.80 -9.80 1987 - 2024 percent Quarterly


News Stream
New Zealand Annual GDP Contraction Softens in Q4
New Zealand's economy contracted by 1.1% year-on-year in the December quarter of 2024, slightly outperforming expectations of a 1.4% decline, following a 1.6% drop in the prior quarter. The downturn was primarily driven by a 5.6% contraction in goods-producing industries, worsening from a 4.8% decline in Q3. However, the service industries saw a smaller decline of 0.7%, down from a 0.5% growth in the previous quarter, while primary industries grew by 2%, slightly up from 1.9% in Q3. On a quarterly basis, GDP expanded by 0.7%, reversing a 1.1% contraction in the previous quarter.
2025-03-19
New Zealand Annual GDP Contracts the Most Since 2020
New Zealand's economy contracted by 1.5% year-on-year in the three months to September 2024, much worse than the expected 0.4% decline, following a 0.5% contraction in the second quarter. This marks the lowest figure since the second quarter of 2020, driven by declines in goods-producing industries (-5.1% vs. -3.6% in Q2) and service industries (-0.7% vs. +0.5%). However, primary industries saw growth (+2% vs. +1.9% in Q2). On a quarterly basis, GDP fell by 1%, after an upwardly revised 1.1% decline in the previous quarter.
2024-12-18
New Zealand Annual GDP Shrinks As Expected
New Zealand's economy contracted by 0.5% from a year earlier in the second quarter of 2024, in line with expectations, after expanding by 0.5% in the previous period. decreased output was observed in primary industries (-1.5% compared to +0.1% in Q1) and goods-producing industries (-3.3% compared to -3.1%). In contrast, the service industries (+0.4% compared to +1.3%) slightly expanded. Quarterly GDP shrank by 0.4%, following a 0.1% decline in the previous quarter.
2024-09-18