New Zealand GDP Annual Growth Rate

Last Release

Dec 31, 2022

Actual

2.2

Units In

6.4

Frequency

Quarterly

Next Release

Jun 18, 2025

Time to Release

2 Months 29 Days 2 Hours

Highest	Lowest	Average	Date Range	Source
17.9 Jun 2021	-10.2 Jun 2020	2.61 %	1988-2022	Statistics New Zealand

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.

Latest Updates

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.