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New Zealand Growth Hinges on Conflict Resolution: RBNZ Breman
New Zealand’s economy remains closely tied to Middle East developments, Reserve Bank Governor Anna Breman said, adding that a quicker resolution to the conflict could unlock stronger growth this year. After holding the cash rate at 2.25%, she noted that earlier cuts continue to filter through, supporting activity. With early-year momentum, the economy is well-positioned, if external risks ease. Data showed a pickup in January and February, though tensions weighed on sentiment in March and are expected to dampen April. Breman stressed that uncertainty remains high, with the conflict’s duration and severity the key swing factor. Beyond oil prices, supply disruptions will shape near-term growth and inflation. A swift de-escalation could lower fuel costs and boost confidence, while a prolonged conflict risks sustaining strains and elevated inflation. The RBNZ’s pause reflects this balance, giving policymakers time to assess global risks while keeping a bias to act if pressures intensify.
Published on 2026-04-09

New Zealand Growth Hinges on Conflict Resolution: RBNZ Breman
New Zealand’s economy remains closely tied to Middle East developments, Reserve Bank Governor Anna Breman said, noting that a quicker resolution to the conflict could unlock stronger growth this year. After holding the cash rate at 2.25%, she noted that earlier cuts continue to filter through, supporting activity. With early-year momentum, the economy is well-positioned, if external risks ease. Data showed a pickup in January and February, though tensions weighed on sentiment in March and are expected to dampen April. Breman stressed that uncertainty remains high, with the conflict’s duration and severity the key swing factor. Beyond oil prices, supply disruptions will shape near-term growth and inflation. A swift de-escalation could lower fuel costs and boost confidence, while a prolonged conflict risks sustaining strains and elevated inflation. The RBNZ’s pause reflects this balance, giving policymakers time to assess global risks while keeping a bias to act if pressures intensify.
Published on 2026-04-09

New Zealand GDP Growth Misses Forecasts
The economy of New Zealand expanded 0.2% on quarter in Q4 2025, slowing from a 0.9% rise in Q3 but remaining below forecasts of 0.4%. Rental, hiring, and real estate services rose 0.8% and made the largest upward contribution to growth, driven by rental and hiring services and non-residential property operators. Also, retail trade and accommodation was up 1.3%, driven by accommodation and pharmaceutical retailing. On the other hand, construction was the largest downward contributor, down 1.4%. On the expenditure side, exports were up 0.1%, with increases seen in goods and services. Gross fixed capital formation fell 2.2%, as businesses invested less in physical fixed assets, including plant, machinery, and equipment and transport equipment, despite a rise in imports of intermediate goods. Household consumption expenditure edged down 0.1%. Year-on-year, the GDP expanded 1.3%, maintaining the same growth rate seen in Q3.
Published on 2026-03-18

New Zealand GDP Growth Beats Forecasts
The economy of New Zealand expanded 1.1% on quarter in Q3 2025, rebounding from a 1% contraction in Q2 and above forecasts of 0.9%. Business services rose 1.6% and made the largest upward contribution to growth, driven by a 2.1% rise in professional, scientific, and technical services, such as computer system design and related services. Also, manufacturing was up 2.2%, driven by food, beverage, and tobacco. On the other hand, information media and telecommunications was the largest downward contributor, down 2.1%. On the expenditure side, exports were up 3.3%, with increases seen in travel services, dairy, and insurance. Gross fixed capital formation rose 3.2%, as businesses invested more in physical fixed assets, including transport equipment and plant, machinery, and equipment, supported by imports of related capital goods and motor vehicles. Household consumption expenditure edged up 0.1%. Year-on-year, the GDP expanded 1.3%, also rebounding from a 1.1% fall in Q2.
Published on 2025-12-17

New Zealand GDP Contracts in Q2
New Zealand’s economy contracted by 0.9% quarter-on-quarter in Q2 2025, reversing an upwardly revised 0.8% expansion in the previous quarter and exceeding market expectations of a 0.2% decline. This downturn ended two straight quarters of growth that followed back-to-back contractions. By industry, primary output fell 0.3% (vs. +0.5% in Q1), while goods-producing industries dropped (-3.5% vs. +2.4% in Q1), led by steep declines in mining (-4.1% vs. +1%) and manufacturing (-2.4% vs. +0.1%). The services sector was broadly flat, with notable declines in transport, postal and warehousing (-0.6% vs. +0.6%), healthcare and social assistance (-0.7% vs. +1.7%), and financial and insurance services (-0.5% vs. -0.5%). In contrast, wholesale trade (+1.4% vs. -0.4%), information media and telecommunications (+1.8% vs. -0.8%), and rental, hiring and real estate services (+0.7% vs. +0.3%) posted gains. On an annual basis, GDP contracted 0.6% in Q2, matching the pace of decline in the first quarter.
Published on 2025-09-17

New Zealand GDP Contracts in Q2
New Zealand’s economy contracted by 0.9% quarter-on-quarter in Q2 2025, reversing an upwardly revised 0.8% expansion in the previous quarter and exceeding market expectations of a 0.2% decline. This downturn ended two straight quarters of growth that followed back-to-back contractions. By industry, primary output fell 0.3% (vs. +0.5% in Q1), while goods-producing industries dropped (-3.5% vs. +2.4% in Q1), led by steep declines in mining (-4.1% vs. +1%) and manufacturing (-2.4% vs. +0.1%). The services sector was broadly flat, with notable declines in transport, postal and warehousing (-0.6% vs. +0.6%), healthcare and social assistance (-0.7% vs. +1.7%), and financial and insurance services (-0.5% vs. -0.5%). In contrast, wholesale trade (+1.4% vs. -0.4%), information media and telecommunications (+1.8% vs. -0.8%), and rental, hiring and real estate services (+0.7% vs. +0.3%) posted gains. On an annual basis, GDP contracted 0.6% in Q2, matching the pace of decline in the first quarter.
Published on 2025-09-17

New Zealand GDP Rises For 2nd Straight Quarter
New Zealand’s economy expanded by 0.8% quarter-on-quarter in the first quarter of 2025, accelerating from 0.5% growth in the previous period and slightly beating market expectations of 0.7%. This marked the second consecutive quarter of growth following two quarters of contraction. Economic activity increased across all three major industry groups, with the strongest gains seen in manufacturing (+2.4% vs. +0.1% in Q4), followed by professional, scientific, technical, administrative, and support services (+2.4% vs. -0.1%), and agriculture, forestry, and fishing (+0.8%, unchanged). Construction rebounded with a 0.5% gain after a 3.6% drop in the previous quarter, while mining also returned to growth at +1% following a -1% decline. However, some sectors posted declines, including arts and recreation services (-1.9% vs. +1.3%) and information, media, and telecommunications (-0.8% vs. -2.9%). On an annual basis, GDP contracted by 0.7% in Q1, following a 1.3% decline in Q4.
Published on 2025-06-18

New Zealand GDP Rises For 2nd Straight Quarter
New Zealand’s economy expanded by 0.8% quarter-on-quarter in the first quarter of 2025, accelerating from 0.5% growth in the previous period and slightly beating market expectations of 0.7%. This marked the second consecutive quarter of growth following two quarters of contraction. Economic activity increased across all three major industry groups, with the strongest gains seen in manufacturing (+2.4% vs. +0.1% in Q4), followed by professional, scientific, technical, administrative, and support services (+2.4% vs. -0.1%), and agriculture, forestry, and fishing (+0.8%, unchanged). Construction rebounded with a 0.5% gain after a 3.6% drop in the previous quarter, while mining also returned to growth at +1% following a -1% decline. However, some sectors posted declines, including arts and recreation services (-1.9% vs. +1.3%) and information, media, and telecommunications (-0.8% vs. -2.9%). On an annual basis, GDP contracted by 0.7% in Q1, following a 1.3% decline in Q4.
Published on 2025-06-18

New Zealand GDP Expands For 2nd Quarter
New Zealand’s economy expanded by 0.8% quarter-on-quarter in the first quarter of 2025, accelerating from 0.5% growth in the previous period and slightly beating market expectations of 0.7%. This marked the second consecutive quarter of growth following two quarters of contraction. Economic activity increased across all three major industry groups, with the strongest gains seen in manufacturing (+2.4% vs. +0.1% in Q4), followed by professional, scientific, technical, administrative, and support services (+2.4% vs. -0.1%), and agriculture, forestry, and fishing (+0.8%, unchanged). Construction rebounded with a 0.5% gain after a 3.6% drop in the previous quarter, while mining also returned to growth at +1% following a -1% decline. However, some sectors posted declines, including arts and recreation services (-1.9% vs. +1.3%) and information, media, and telecommunications (-0.8% vs. -2.9%). On an annual basis, GDP contracted by 0.7% in Q1, following a 1.3% decline in Q4.
Published on 2025-06-18

New Zealand GDP Expends For 2nd Quarter
New Zealand’s economy expanded by 0.8% quarter-on-quarter in the first quarter of 2025, accelerating from 0.5% growth in the previous period and slightly beating market expectations of 0.7%. This marked the second consecutive quarter of growth following two quarters of contraction. Economic activity increased across all three major industry groups, with the strongest gains seen in manufacturing (+2.4% vs. +0.1% in Q4), followed by professional, scientific, technical, administrative, and support services (+2.4% vs. -0.1%), and agriculture, forestry, and fishing (+0.8%, unchanged). Construction rebounded with a 0.5% gain after a 3.6% drop in the previous quarter, while mining also returned to growth at +1% following a -1% decline. However, some sectors posted declines, including arts and recreation services (-1.9% vs. +1.3%) and information, media, and telecommunications (-0.8% vs. -2.9%). On an annual basis, GDP contracted by 0.7% in Q1, following a 1.3% decline in Q4.
Published on 2025-06-18

New Zealand Economy Posts 0.7% Quarterly Growth After Two Contractions
New Zealand's economy grew by 0.7% quarter-on-quarter in the three months to December 2024, recovering from a 1.1% contraction in the previous period and surpassing the market's expected 0.4% growth. This expansion comes after two consecutive quarters of declines, the largest since late 2021 during the height of the pandemic and lockdowns. The primary drivers of growth were agriculture, forestry, and fishing (+1.4% vs. -0.2% in Q3), rental, hiring, and real estate services (+1.1% vs. +1.1% in Q2), and manufacturing (+0.3% vs. -2.1% in Q3). However, business services (-0.2% vs. -1.6% in Q3) and construction (-3.1% vs. -2.5% in Q3) continued to weigh on the economy. On an annual basis, GDP contracted by 1.1%, following a 1.6% decline in Q2.
Published on 2025-03-19

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.
Published on 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.
Published on 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.
Published on 2024-06-19

New Zealand GDP Misses Estimates in Q4
New Zealand’s economy shrank by 0.1% quarter-on-quarter in the fourth quarter of 2023, following a 0.3% contraction in the previous period and missed market forecasts of a 0.1% growth. It marked the fourth quarter of contraction in the last five quarters, driven by declines in wholesale trade (-1.8% compared to -2.2% in Q3) and retail trade activity (-0.9% compared to -0.4% in Q3). Results at industry level were mixed – 8 out of 16 industries increased, driven by rental, hiring, and real estate services; and public administration, safety, and defense. On a annual basis, the GDP shrank by 0.3 percent, after a 0.6 percent decline in the previous quarter.
Published on 2024-03-20

New Zealand Annual GDP Continues to Contract in Q4
New Zealand’s economy contracted by 0.3 percent from a year earlier in the December quarter of 2023, following a 0.6% contraction in the previous period while missing market estimates of a 0.1% growth. New Zealand’s economy contracted by 0.3 percent from a year earlier in the December quarter of 2023, following a 0.6% contraction in the previous period while falling short of a market estimate of a 0.1% growth. Wholesale trade (-5.3% compared to -3.6% in Q3) was the biggest laggard, followed by transport, postal, and warehousing (-5.1% compared to -6.8% in Q3) and retail trade activity (-3.5% compared to -4.4% in Q3). On a quarterly basis, the GDP shrank by 0.1 percent, after a 0.3 percent decline in the previous quarter.
Published on 2024-03-20

New Zealand GDP Unexpectedly Shrinks in Q3
New Zealand’s economy contracted by 0.3% quarter-on-quarter in the three months to September 2023, following a downwardly revised 0.5% expansion in the previous period. This outcome fell short of market expectations for 0.2% growth. The contraction was influenced by declines in private consumption expenditure (-0.6% compared to 0% in Q2), government expenditure (-1.8% compared to +3.4% in Q2), and gross fixed capital formation (-3.4% compared to +0.2% in Q2). Additionally, the contraction was accentuated by decreases in exports of goods and services (-2.6% compared to +4.7% in Q2), while imports of goods and services increased (0.3% compared to +0.8% in Q2).
Published on 2023-12-13

New Zealand GDP Expands in Q2
The Gross Domestic Product (New Zealand’s economy advanced by 0.9% quarter-on-quarter in the three months to June 2023, after stalling in the previous period. It came above market expectation of 0.5% growth, supported by better activity in the services sector. The services industry expanded by 1% (vs -0.5% in Q1), led by Education and training (+2% vs -1.9%); in professional, scientific, technical, admin, and support (+2.1% vs -3.4%) and public administration and safety (+2.8% vs +1.3%) transport, postal, and warehousing industry (+1.5% vs -2.4%). The goods producing industries rose 0.7% (vs -0.7%), driven by growth in electricity, gas, water, and waste services (+3.1% vs -0.3%). Conversely, the primary industries shrank by 1.9% (vs -0.7%) led by agriculture, forestry, and fishing (-2.3% vs -0.8%). Meanwhile, The GDP rose 1.8 percent from a year earlier in June 2023 slowing from a 2.2 percent rise in the previous quarter.
Published on 2023-09-20

New Zealand GDP Contraction Slows in Q1
New Zealand’s economy shrank by 0.1 percent on quarter in the three months to March of 2023, following a downwardly revised 0.7 percent contraction in the previous period and in line with estimates. It marked the second period of contraction since the first quarter of 2022. The primary industries shrank by 0.5 percent led by agriculture, forestry, and fishing (-0.6 percent). Also, the goods-production sector fell 0.4 percent, mostly due to a decline in manufacturing (-1.19 percent). Meanwhile, the services industry edged down by 0.6 percent, led by contractions in professional, scientific, technical, admin, and support (-3.5 percent) and transport, postal, and warehousing industry (-2.2 percent). The GDP rose 2.3 percent from a year earlier in March 2023 slowing from a 2.2 percent rise in the previous quarter.
Published on 2023-06-14

New Zealand GDP Contracts More than Expected
New Zealand’s economy contracted by 0.6 percent on quarter in the three months to December of 2022, following a 1.7 percent gain in the previous period and missing estimates of a 0.2 percent contraction. It marked the first contraction since the first quarter of 2022 and the sharpest one since the third quarter of 2021. The primary industries shrank by 1.3 percent led by a slowdown in agriculture, forestry, and fishing (-1.6 percent). Also, goods-production sector contracted by 0.3 percent, mostly due to a decline in manufacturing, down 1.9 percent. Meanwhile, the services industry edged down by 0.1 percent, led by contractions in the transport, postal, and warehousing industry (-3 percent) and retail trade and accommodation (-1.9 percent). GDP rose 2.4 percent over the year ended December 2022 compared with the year ended December 2021.
Published on 2023-03-15