new zealand gdp

New Zealand fell into its deepest economic slump on record in the second quarter of 2020 as its battle against the coronavirus pandemic paralyzed business activitiesy, official data showed on Thursday.

The GDP value of New Zealand represents 0.17 percent of the world economy. The Reserve Bank of New Zealand had forecast a quarterly and annual GDP decline of 14 percent in its August statement.



The GDP data confirms New Zealand's worst recession, defined as two straight quarters of contraction, since 2010, with GDP in the March quarter falling 1.6 percent.

Gross domestic product contracted a seasonally adjusted 12.2 percent quarter-on-quarter, its sharpest quarterly contraction on record and largely in line with forecasts of a 12.8 percent decline from economists polled by Reuters. "We expect the June quarter's record-breaking GDP decline to be followed by a record-breaking rise in the September quarter," said Westpac Senior Economist Michael Gordon. GDP fell 12.4 percent year-on-year.

The New Zealand economy has been ranked first in the Social Progress Index, which covers such areas as basic human needs, foundations of well-being, and the level of opportunity available to its citizens. Growth has been hit by a standstill in economic activitiesy as a strict nationwide coronavirus lockdown in April and parts of May forced almost everyone to stay at home and businesses to shut. The Reserve Bank of New Zealand had forecast a quarterly and annual GDP decline of 14 percent in its August statement.

Beijing ICP prepared NO.16065310-3, New Zealand economy in deepest recession as Q2 GDP shrinks. As a result, the number of New Zealanders living in poverty has grown and i… Treasury forecasts released on Wednesday showed that while New Zealand's response to COVID-19 helped lessen the short-term economic shock, massive debt and continuing disruptions will delay a full recovery. However, the outlook includes some challenges.

Prime Minister Jacinda Ardern's government, which faces an election on October 17, has said success in suppressing the virus locally is likely to help recovery prospects. In comparison, second quarter economic growth in neighboring Australia which enforced a less stringent COVID-19 lockdown fell 7.0 percent, while the United States recorded a 9.1 percent drop. But economists say New Zealand will bounce back faster, while other nations are still struggling to contain the coronavirus.
Growth has been hit by a standstill in economic activitiesy as a strict nationwide coronavirus lockdown in April and parts of May forced almost everyone to stay at home and businesses to shut. Copyright © 2020 CGTN. GDP in New Zealand averaged 64.90 USD Billion from 1960 until 2019, reaching an all time high of 207.92 USD Billion in 2018 and a record low of 5.18 USD Billion in 1968.


Economists say the GDP data will have little impact on the central bank's policy, which is expected to hold interest rates at a record low of 0.25 percent at its meeting on September 23. New Zealand GDP (Gross Domestic Product) was INT$172.41billion for 2019 in PPP terms. New Zealand income levels, which used to be above those of many other countries in Western Europe prior to the crisis of the 1970s, have dropped in relative terms and never recovered. GDP fell 12.4 percent year-on-year.

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