New Zealand GDP Growth Rate

The Gross Domestic Product (GDP) in New Zealand expanded 1 percent in the first 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.


New Zealand GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.00 1.00 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.

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.

Construction activity grew 12.5 percent, due to large rises in residential and non-residential building. Building activity in Canterbury and the rest of the country both increased this quarter. Manufacturing activity was flat this quarter. Petroleum, chemical, plastic, and rubber product manufacturing was up 5.4 percent, driven by increased production at Methanex. 

Mining activity increased 6.3 percent, and agriculture sector increased 1.2 percent.

Spending by New Zealand households was flat, while spending by tourists increased 7.7 percent. Higher tourist spending also drove an increase in exports of travel services, which contributed to a 3.1 percent rise in exports.

Year-on-year, the GDP expanded 3.8 percent, the highest rate since the fourth quarter of 2007.

Statistics New Zealand | Isabel Felino |
6/19/2014 11:19:56 AM

Recent Releases

New Zealand GDP Growth Slows in Q4
New Zealand economy advanced 0.9 percent in the last quarter of 2013, slowing from a revised 1.2 percent in the previous three-month period. Strong growth in manufacturing was not enough to offset a drop in architectural and engineering services and a fall in dairy and livestock production. Published on 2014-03-19

New Zealand GDP Growth Beats Expectations in Q3
In the third quarter of 2013, New Zealand economy expanded 1.5 percent over the previous quarter, the largest increase since the December 2009 quarter. The strong increase in dairy production was the main contributor to a 17.0 percent rise in agriculture, the largest in more than 25 years. Published on 2013-12-18

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2013-09-18 11:45 PM New Zealand
GDP Growth Rate QoQ
Q2 2013 0.2% 0.4% (R) 0.1% 0.33%
2013-12-18 09:45 PM New Zealand
GDP Growth Rate QoQ
Q3 2013 1.4% 0.3% (R) 1.1% 0.21%
2014-03-19 09:45 PM New Zealand
GDP Growth Rate QoQ
Q4 2013 0.9% 1.2% (R) 0.9% 0.44%
2014-06-18 11:45 PM New Zealand
GDP Growth Rate QoQ
Q1 2014 1.0% 1.0% (R) 1.2% 0.92%
2014-09-17 11:45 PM New Zealand
GDP Growth Rate QoQ
Q2 2014 1.0% 1.16%

GDP Last Previous Highest Lowest Unit
GDP 182.59 171.47 182.59 5.18 USD Billion [+]
GDP Growth Rate 1.00 1.00 2.90 -2.60 Percent [+]
GDP Annual Growth Rate 3.80 3.30 7.30 -3.40 Percent [+]
GDP Constant Prices 39161.00 38656.00 39161.00 20006.00 NZD Million [+]
Gross National Product 41054.00 40628.00 41054.00 18914.00 NZD Million [+]
GDP per capita 28839.70 28374.78 28839.70 16581.13 USD [+]
Gross Fixed Capital Formation 10018.00 9808.00 10018.00 3223.00 NZD Million [+]
GDP per capita PPP 25689.46 25105.92 26057.83 17344.14 USD [+]

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