GDP (QoQ) (New Zealand)
Event Date: Wednesday, September 20, 2023
Event Time: 22:45 CET
Updated Wednesday, September 20, 2023
The economic growth in New Zealand has averaged at around 0.6% in the last year, but the report released in September showed that the economy expanded by 1.0% in Q2, beating expectations of 0.8%. The GDP report released in December showed the figure for Q3 was expected to come at 0.6%, which would be a cooling off from the previous quarter. But, it surprised us when it came at 0.3%. Although, it reversed and increased by 0.6% in Q4 of last year. This report will be for Q2 of 2019. The economy has slowed in Q2, but in Q1 it was pretty upbeat, expanding by 0.6% for the second quarter in a row. In Q2, the economic growth in New Zealand was expected to slow down again, this time expanding by 0.4%, but came in at 0.5%. In Q3, the GDP expanded by 0.8%, but fell back to its normal pace at 0.5% in Q4. In Q1 of 2022 the economy contracted by 0.2%, but Q2 it showed a 1.7% expansion, while Q3 showed a strong jump of 2.0%. The economy shrank by 0.6% and 0.1% respectively in Q4 of 2022 and Q1 of 2023, but it is expected to expand by 0.4% in Q2. Please follow us for live coverage of this event by experienced market analysts.
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About GDP (QoQ) (New Zealand)
Released by Statistics New Zealand, quarterly GDP represents the total value of all goods and services produced domestically. Agricultural output, tourism, tech, manufacturing and the export sector are major contributors to New Zealand’s GDP. Strong GDP numbers create bullish sentiment for the NZD, while weak ones are an indication of economic stagnation.