New Zealand's Macroeconomic Analysis:
Nominal GDP of USD 248 billion in 2023.
Nominal GDP of USD 242 billion in 2022.
GDP per capita of USD 47,126 compared to the global average of USD 10,589.
GDP per capita of USD 47,425 compared to the global average of USD 10,589.
Average real GDP growth of 2.8% over the last decade.
Average real GDP growth of 3% over the last decade.
Sector Analysis
In 2019, services accounted for 74% of overall GDP, manufacturing 10%, other industrial activity 10%, and agriculture 6%. Looking at GDP by expenditure, private consumption accounted for 58% of GDP in 2020, government consumption 21%, fixed investment 22%, and net exports -1%.International trade
In 2021, manufactured products made up 15% of total merchandise exports, mineral fuels 1%, food 66%, ores and metals 3% and agricultural raw materials 12%, with other categories accounting for 3% of the total. In the same period, manufactured products made up 76% of total merchandise imports, mineral fuels 8%, food 11%, ores and metals 2% and agricultural raw materials 1%, with other goods accounting for 2% of the total. Total exports were worth USD 46 billion in 2022, while total imports were USD 55 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 3.0% in the decade to 2022. To read more about GDP growth in New Zealand, go to our dedicated page.
Fiscal policy
New Zealand's fiscal deficit averaged 1.1% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 4.8% in the decade to 2022. For more information on New Zealand's unemployment click here.
Inflation
Inflation averaged 2.0% in the decade to 2022. Go to our New Zealand inflation page for extra insight.
Monetary Policy
New Zealand's monetary policy rate ended 2022 at 4.25%, up from 2.50% a decade earlier. See our New Zealand monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 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
Data suggests that the economy remained sluggish in the third quarter after contracting in Q2. Moreover, GDP per capita could have fallen for the eighth straight quarter, highlighting New Zealand’s prolonged economic malaise. In Q3, construction activity appeared to lose steam, while both employment and exports fell in sequential terms. More positively, retail sales declined at a softer rate and tourist arrivals rebounded in the period. Our panelists expect the economy to be gaining notable steam in Q4, buoyed by the Central Bank’s interest rate cuts. Available indicators back this projection: In October–November, business and consumer sentiment was considerably higher than in Q3, and electronic card transactions jumped in October from the Q3 average.New Zealand Economic Forecasts
Projections out to 2034.46 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 25 expert analysts.
Want to get insight on the economic outlook for New Zealand in the coming years? FocusEconomics collects projections out to 2034 on 46 economic indicators for New Zealand from a panel of 25 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.