New Zealand GDP Growth Rate 1987-2014 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in New Zealand expanded 1 percent in the third quarter of 2014 over the previous quarter. GDP Growth Rate in New Zealand averaged 0.61 percent from 1987 until 2014, 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


Actual Previous Highest Lowest Dates Unit Frequency
1.00 0.70 2.90 -2.60 1987 - 2014 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 Sunday, December 21, 2014.


New Zealand GDP Expands More than Expected in Q3


New Zealand economy grew a seasonally adjusted 1 percent from June to September period, up from 0.7 percent expansion reported in the previous three month period driven by gains in agriculture and mining.

The growth was mainly driven by primary industries, which increased 5.8 percent. It was one of the strongest growths in primary industries for the last 15 years as milk production accelerated, oil exploration increased and gas extraction rose. 

The key drivers in the September 2014 quarter were agriculture (up 4.7 percent), and mining (up 8.0 percent). In contrast, forestry and logging was down 4.0 percent.
Manufacturing activity grew by 2 percent led by increases in metal product manufacturing and machinery and equipment manufacturing. Electricity, gas and water services advanced 1.5 percent. In contrast, construction sector decreased by 1.2 percent

Service industries were mixed this quarter. While telecommunications advanced 3.5 percent and retail trade grew 1.7 percent;  transports and business services declined by 2.6 percent and 2 percent respectivelly.

The expenditure measure of GDP rose 1.3 percent in the September 2014 quarter. Household spending was up 1.5 percent, driven by a 4.0 percent increase in durables – including used motor vehicles and furniture. This is the highest quarterly increase in durables since before the global financial crisis. Investment also increased (3.5 percent), mainly due to increased spending on machinery and transport equipment.

Year-on-year, the economy grew 3.2 percent. Figures for the second quarter were revised to show the GDP expanded at a slower 3.2 percent from 3.9 percent initially reported.

GDP growth for the year ended September 2014 was 2.9 percent.

Statistics New Zealand | Carolina Cunha | carolina.cunha@tradingeconomics.com
12/18/2014 1:05:03 PM


Recent Releases

New Zealand GDP Growth Beats Expectations in Q2
The New Zealand economy advanced at a seasonally adjusted 0.7 percent in the second quarter of 2014, slowing from a 1 percent expansion in the previous period but beating market expectations. Services made up about two-thirds of the economy and the biggest increases were in industries that include advertising, employment services, and software development. Published on 2014-09-18

New Zealand GDP Expands 1.0% QoQ in Q1
The New Zealand economy advanced at a seasonally adjusted 1.0 percent quarter-on-quarter in the first three months of 2014, unchanged from a revised 1.0 percent increase in the previous quarter. The construction sector posted the largest gain in fourteen years, being responsible for two-thirds of GDP growth this quarter. Published on 2014-06-19


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-06-18 11:45 PM
GDP Growth Rate QoQ  Q1
1.0% 1.0% (R) 1.2% 0.92%
2014-09-17 11:45 PM
GDP Growth Rate QoQ  Q2
0.7% 1.0% 0.6% 1.1%
2014-12-17 09:45 PM
GDP Growth Rate QoQ  Q3
1% 0.7% 0.7% 0.93%
2015-03-18 09:45 PM
GDP Growth Rate QoQ  Q4
1% 0.84%
2015-06-17 11:45 PM
GDP Growth Rate QoQ  Q1
0.84%
2015-09-17 11:45 PM
GDP Growth Rate QoQ  Q2
0.82%


New Zealand GDP Last Previous Highest Lowest Unit
GDP 182.59 171.47 182.59 5.18 USD Billion [+]
GDP Growth Rate 1.00 0.70 2.90 -2.60 percent [+]
GDP Annual Growth Rate 3.20 3.20 7.30 -3.40 percent [+]
GDP Constant Prices 39297.00 39117.00 39297.00 20006.00 NZD Million [+]
Gross National Product 41962.00 41075.00 41962.00 18914.00 NZD Million [+]
GDP per capita 28839.70 28374.78 28839.70 16581.13 USD [+]
Gross Fixed Capital Formation 10177.00 10028.00 10177.00 3223.00 NZD Million [+]
GDP per capita PPP 32768.18 32239.94 32768.18 22344.41 USD [+]


GDP Growth Rate Reference Previous Highest Lowest Unit
Australia 0.30 Aug/14 0.50 4.50 -2.00 percent [+]
Brazil 0.10 Aug/14 -0.60 4.50 -4.20 percent [+]
Canada 0.70 Aug/14 0.90 3.33 -1.80 percent [+]
China 1.90 Aug/14 2.00 2.50 1.40 percent [+]
Euro Area 0.20 Aug/14 0.10 1.30 -2.80 percent [+]
France 0.30 Aug/14 -0.10 1.60 -1.70 percent [+]
Germany 0.10 Aug/14 -0.10 2.10 -3.70 percent [+]
India 1.20 May/14 1.90 5.80 -1.90 percent [+]
Indonesia 2.96 Aug/14 2.49 3.82 -3.57 percent [+]
Italy -0.10 Aug/14 -0.20 6.00 -3.50 percent [+]
Japan -0.50 Aug/14 -1.90 3.20 -4.00 percent [+]
Mexico 0.50 Aug/14 0.90 2.90 -6.60 percent [+]
Netherlands 0.20 Aug/14 0.60 2.00 -2.20 percent [+]
Russia 0.04 Aug/14 0.14 4.10 -5.40 percent [+]
South Korea 0.90 Aug/14 0.50 6.80 -7.00 percent [+]
Spain 0.50 Aug/14 0.50 1.53 -1.60 percent [+]
Switzerland 0.60 Aug/14 0.30 1.90 -2.20 percent [+]
Turkey 0.40 Aug/14 -0.50 6.69 -7.57 percent [+]
United Kingdom 0.70 Aug/14 0.90 5.00 -2.70 percent [+]
United States 3.90 Aug/14 4.60 16.90 -10.00 percent [+]