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New Zealand GDP Annual Growth Rate
Last Release
Dec 31, 2022
Actual
2.2
Units In
%
Previous
6.4
Frequency
Quarterly
Next Release
Dec 18, 2024
Time to Release
2 Months 28 Days 19 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 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.
New Zealand GDP Annual Growth Rate History
Last 12 readings