New Zealand GDP Growth Rate 1987-2015 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in New Zealand expanded 0.20 percent in the first quarter of 2015 over the previous quarter. GDP Growth Rate in New Zealand averaged 0.60 percent from 1987 until 2015, reaching an all time high of 2.90 percent in the third quarter of 1999 and a record low of -2.60 percent in the first quarter of 1991. GDP Growth Rate in New Zealand is reported by the Statistics New Zealand.

      Forecast
New Zealand GDP Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
0.20 0.80 2.90 -2.60 1987 - 2015 percent Quarterly
New Zealand has an advanced market economy, highly dependent on international trade. The country is closely link with Australia, which is the biggest importer of “kiwi” products, supplier and investor. New Zealand’s most developed industries are focused on tourism and exports of agricultural products and are the main source of growth. Yet, in order to keep current expansion rates, New Zealand needs to address persistent current account deficits fueled by heavy household debts and low domestic investments. This page provides - New Zealand GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - New Zealand GDP Growth Rate - was last refreshed on Tuesday, June 30, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2014-12-17 09:45 PM Q3 1% 0.7% 0.7% 0.93%
2015-03-18 09:45 PM Q4 0.8% 0.9%(R) 0.7% 0.84%
2015-06-17 11:45 PM Q1 0.2% 0.8% 0.6% 0.5%
2015-09-17 11:45 PM Q2 0.2% 0.7%
2015-12-17 09:45 PM Q3 0.6%


New Zealand GDP Growth Slows in Q1


New Zealand economy expanded a seasonally adjusted 0.2 percent in the first quarter of 2015, following a 0.8 percent growth in the previous quarter, as primary industries showed the largest contraction since September 2010.

In the March 2015 quarter, primary industries (agriculture, forestry, and mining) shrank 2.9 percent, following a 0.3 percent decline in the previous quarter. Mining was down 7.8 percent, as extraction and exploration of oil and gas decreased severely due to lower international prices in the sector. Agriculture shrank 2.3 percent driven by lower production of milk. Forestry production and exports of forestry products were also down.

A 2.4 percent increase in retail trade and accommodation helped to offset the decrease in primary industries. International tourist spending increased 2.3 percent this quarter, and there was an increase in arts and recreation (including sport, recreation, and gambling services), and international air travel. Also, business services grew 2.1 percent, due to scientific, architectural and engineering, and veterinary services.

On the expenditure measure of GDP, household spending increased 0.7 percent, while investment fell 1.9 percent. An increase in construction investment was offset by large decreases in both machinery and equipment investment. Exports of goods and services rose 1.5 percent, and imports were up 1.0 percent.

Year-on-year, the economy grew 2.6 percent, compared to a 3.5 expansion in the fourth quarter. 

Statistics New Zealand | joana.ferreira@tradingeconomics.com
6/18/2015 12:54:40 AM


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New Zealand GDP Last Previous Highest Lowest Unit
GDP 182.59 171.47 182.59 5.18 USD Billion [+]
GDP Growth Rate 0.20 0.80 2.90 -2.60 percent [+]
GDP Annual Growth Rate 2.60 3.50 7.30 -3.40 percent [+]
GDP Constant Prices 54624.00 54325.00 54624.00 26680.00 NZD Million [+]
Gross National Product 56341.00 56462.00 56462.00 25040.00 NZD Million [+]
GDP per capita 28839.70 28374.78 28839.70 16581.13 USD [+]
Gross Fixed Capital Formation 13393.00 13673.00 13673.00 4077.00 NZD Million [+]
GDP per capita PPP 32768.18 32239.94 32768.18 22344.41 USD [+]


GDP Growth Rate Reference Previous Highest Lowest Unit
Australia 0.90 Mar/15 0.50 4.50 -2.00 percent [+]
Brazil -0.20 Mar/15 0.30 4.50 -4.20 percent [+]
Canada -0.10 Mar/15 0.60 3.33 -1.80 percent [+]
China 1.30 Mar/15 1.50 2.50 1.30 percent [+]
Euro Area 0.40 Mar/15 0.40 1.30 -2.90 percent [+]
France 0.60 Mar/15 0.10 7.70 -5.00 percent [+]
Germany 0.30 Mar/15 0.70 2.10 -3.70 percent [+]
India 4.10 Mar/15 3.10 7.40 -3.40 percent [+]
Indonesia -0.18 Mar/15 -2.06 3.83 -3.57 percent [+]
Italy 0.30 Mar/15 0.00 6.00 -3.50 percent [+]
Japan 1.00 Mar/15 0.30 3.20 -4.00 percent [+]
Mexico 0.40 Mar/15 0.70 2.90 -6.60 percent [+]
Netherlands 0.60 Mar/15 0.90 2.00 -2.20 percent [+]
Russia -1.29 Mar/15 -0.55 4.10 -5.40 percent [+]
South Korea 0.80 Mar/15 0.30 6.80 -7.00 percent [+]
Spain 1.00 Jun/15 0.90 1.53 -1.60 percent [+]
Switzerland -0.20 Mar/15 0.50 1.90 -2.20 percent [+]
Turkey 1.30 Mar/15 0.80 6.69 -7.57 percent [+]
United Kingdom 0.30 Mar/15 0.60 5.00 -2.70 percent [+]
United States -0.20 Mar/15 2.20 16.90 -10.00 percent [+]