GDP reading: New Zealand’s GDP expanded 0.2% on a seasonally adjusted quarter-on-quarter basis in Q4, following 0.9% growth in the...
Economic Growth in New Zealand
New zealand's economy recorded an average growth rate of 2.7% in the decade to 2024, compared to the % average for . In 2024, real GDP growth was -0.6%. For more GDP information, visit our dedicated page.
New Zealand GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for New Zealand from 2014 to 2025.
Source: Macrobond.
New Zealand GDP Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 5.5 | 2.6 | 2.2 | -0.3 | 0.2 |
| GDP (USD bn) | 249 | 244 | 253 | 258 | 259 |
| GDP (NZD bn) | 353 | 385 | 413 | 427 | 445 |
| Economic Growth (Nominal GDP, ann. var. %) | 8.8 | 9.2 | 7.0 | 3.6 | 4.1 |
Economic growth decelerates in the fourth quarter of 2025
GDP reading: New Zealand's GDP expanded 0.2% on a seasonally adjusted quarter-on-quarter basis in Q4, following 0.9% growth in the previous quarter and less than markets were expecting.
Broad-based slowdown: Compared to the prior quarter's data, readings in Q4 softened for private consumption (-0.1% on a quarter-on-quarter basis vs +0.1% in Q3), fixed investment (-2.2% vs +2.0% in Q3), exports of goods and services (+0.1% vs +3.0% in Q3) and imports of goods and services (+1.0% vs +2.3% in Q3). In contrast, the reading for government consumption improved in Q4 (+2.2% vs +1.4% in Q3). On a year-on-year basis, economic output increased 1.3% in Q4, following a 1.1% expansion in the previous quarter.
Panelist insight: On the outlook, ANZ analysts said: “We have updated our GDP forecast in a first attempt at incorporating potential impacts of the conflict in the Middle East, alongside incorporating the weak starting point momentum shown in [the Q4] data. Our update shaves a cumulative 0.7ppt off New Zealand GDP growth in the year ended Q4 2026: 0.5ppt from the conflict and oil shock, and 0.2ppt from weaker starting point momentum.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects New Zealand GDP projections for the next ten years 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. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for New Zealand GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our New Zealand GDP projections.
Want to get access to the full dataset of New Zealand GDP forecasts? Send an email to info@focus-economics.com.
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