New Zealand GDP Annual Growth Rate

Last Release

Dec 31, 2022

Actual

2.2

Units In

6.4

Frequency

Quarterly

Next Release

Mar 19, 2025

Time to Release

2 Months 29 Days 0 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 1.5% 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.