New Zealand's Macroeconomic Analysis:
Nominal GDP of USD 253 billion in 2023.
GDP per capita of USD 48,404 compared to the global average of USD 10,589.
Average real GDP growth of 2.7% over the last decade.
Sector Analysis
In 2020, services accounted for 67.1% of overall GDP, manufacturing 8.8%, other industrial activity 18.3%, and agriculture 5.8%. Looking at GDP by expenditure, private consumption accounted for 58.2% of GDP in 2022, government consumption 21.1%, fixed investment 25.8%, and net exports -5.1%.International trade
In 2023, manufactured products made up 16.1% of total merchandise exports, mineral fuels 1.4%, food 65.8%, ores and metals 3.3% and agricultural raw materials 9.8%, with other categories accounting for 3.6% of the total. In the same period, manufactured products made up 70.8% of total merchandise imports, mineral fuels 14.5%, food 11.3%, ores and metals 1.7% and agricultural raw materials 0.6%, with other goods accounting for 1.1% of the total. Total exports were worth USD 43.30 billion in 2024, while total imports were USD 48.50 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 2.9% in the decade to 2023. To read more about GDP growth in New Zealand, go to our dedicated page.
Fiscal policy
New Zealand's fiscal deficit averaged 0.9% of GDP in the decade to 2023. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 4.5% in the decade to 2024. For more information on New Zealand's unemployment click here.
Inflation
Inflation averaged 2.6% in the decade to 2024. Go to our New Zealand inflation page for extra insight.
Monetary Policy
New Zealand's monetary policy rate ended 2024 at 4.25%, up from 3.50% a decade earlier. See our New Zealand monetary policy page for additional details.
Exchange Rate
From end-2014 to end-2024 the New Zealand dollar weakened by 33.3% vs the U.S. dollar. For more info on the New Zealand dollar, click here.
Economic situation in New Zealand
Our panelists expect GDP to have finally surpassed its late-2023 level in Q4, and available data is broadly positive. In the fourth quarter, construction output, confidence among businesses and consumers, tourist arrivals, and electronic card transactions—the latter used as a proxy for consumer expenditure—all exceeded their Q3 levels. In addition, although the unemployment rate climbed to its highest point in more than a decade during Q4, this reflected a larger number of individuals entering the workforce, with employment expanding at its fastest pace in two-and-a-half years. The Consensus is for economic growth in Q1 to have continued at a similar pace to Q4, though most available data for the first quarter is downbeat: In January, electronic card transactions and housing permits were weaker than in Q4, and business confidence slipped in January–February from Q4.New Zealand Economic Forecasts
Projections out to 2035.47 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 27 expert analysts.
Want to get insight on the economic outlook for New Zealand in the coming years? FocusEconomics collects projections out to 2035 on 47 economic indicators for New Zealand from a panel of 27 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the New Zealand economy. To download a sample report on the New Zealand's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.
New Zealand Economic Indicators
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|
| Population (million) | 5.1 | 5.1 | 5.1 | 5.2 | 5.3 | 5.5 |
| GDP (USD bn) | 211 | 249 | 244 | 253 | 258 | 259 |
| GDP per capita (USD) | 41,548 | 49,074 | 47,989 | 48,701 | 48,857 | 48,607 |
| GDP (NZD bn) | 324 | 353 | 385 | 413 | 427 | 445 |
| GDP per capita (NZD) | 64,001 | 69,424 | 75,722 | 79,352 | 80,773 | 83,550 |
| Economic Growth (Nominal GDP, ann. var. %) | 1.4 | 8.8 | 9.2 | 7.0 | 3.6 | 4.1 |
| Economic Growth (GDP, ann. var. %) | -1.3 | 5.5 | 2.6 | 2.2 | -0.3 | 0.2 |
| Domestic Demand (ann. var. %) | -1.6 | 9.7 | 4.2 | -0.5 | -1.1 | 0.8 |
| Private Consumption (ann. var. %) | -1.6 | 7.6 | 3.8 | 1.1 | -0.2 | 1.4 |
| Government Consumption (ann. var. %) | 6.7 | 7.9 | 5.3 | 0.1 | -0.9 | 2.5 |
| Business Investment (ann. var. %) | -7.5 | 12.4 | 3.2 | -4.5 | -5.3 | -0.8 |
| Residential Investment (ann. var. %) | -3.2 | 8.9 | -1.8 | -4.7 | -11.3 | -6.1 |
| Fixed Investment (ann. var. %) | -4.0 | 10.5 | 4.6 | -0.3 | -4.8 | -1.5 |
| Exports (G&S, ann. var. %) | -13.5 | -2.3 | -0.5 | 11.1 | 4.7 | 2.8 |
| Imports (G&S, ann. var. %) | -15.4 | 14.1 | 4.7 | -0.6 | 1.6 | 3.3 |
| Manufacturing Production (ann. var. %) | -4.4 | 4.8 | -4.4 | -4.8 | - | - |
| Retail Sales (ann. var. %) | 0.4 | 8.4 | -0.4 | -3.8 | -2.0 | 2.2 |
| Unemployment (% of active population, aop) | 4.6 | 3.8 | 3.3 | 3.8 | 4.8 | 5.3 |
| Fiscal Balance (% of GDP) | -7.3 | -1.3 | -2.6 | -2.4 | -3.1 | -3.4 |
| Public Debt (% of GDP) | 43.2 | 47.5 | 46.9 | 46.9 | 50.2 | 50.0 |
| Money (ann. var. of M3 %) | 12.2 | 7.1 | 1.8 | 3.6 | - | - |
| Inflation (CPI, ann. var. %, eop) | 1.4 | 5.9 | 7.2 | 4.7 | 2.2 | 3.1 |
| Inflation (CPI, ann. var. %, aop) | 1.7 | 3.9 | 7.2 | 5.7 | 2.9 | 2.8 |
| Inflation (PPI, ann. var. %, aop) | 1.0 | 4.6 | 8.3 | 3.1 | 3.4 | 4.0 |
| Official Cash Rate (%, eop) | 0.25 | 0.75 | 4.25 | 5.50 | 4.25 | 2.25 |
| 90-Day Bank Bill (%, eop) | 0.26 | 0.91 | 4.53 | 5.63 | 4.27 | 2.49 |
| 10-Year Bond Yield (%, eop) | 0.99 | 2.38 | 4.47 | 4.37 | 4.52 | 4.50 |
| Stock Market (ann. var. of NZX %) | 11.4 | -2.9 | -14.5 | -0.7 | 8.1 | - |
| Exchange Rate (USD per NZD, eop) | 0.72 | 0.68 | 0.63 | 0.63 | 0.56 | 0.58 |
| Exchange Rate (USD per NZD, aop) | 0.65 | 0.71 | 0.63 | 0.61 | 0.60 | 0.58 |
| Current Account Balance (USD bn) | -2.1 | -14.4 | -22.0 | -15.8 | -12.1 | -9.5 |
| Current Account Balance (% of GDP) | -1.0 | -5.8 | -9.0 | -6.3 | -4.7 | -3.7 |
| Merchandise Trade Balance (USD bn) | 1.7 | -3.7 | -7.3 | -6.5 | -4.0 | -0.9 |
| Foreign Direct Investment (USD bn) | 4.7 | 3.8 | 10.3 | 1.7 | 1.7 | - |