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The economy in New Zealand advanced 2.1 percent year-on-year in the second quarter of 2019, easing from a 2.5 expansion in the previous period but beating market consensus of 2 percent. It was the weakest growth rate since the last quarter of 2013, amid a slowdown in the services sector (2.4 percent vs 2.6 percent in Q1), namely wholesale trade (1.3 percent vs 2.7 percent), information & telecommunications (0.4 percent vs 1.4 percent) and health care & social assistance (3.3 percent vs 4.5 percent); and in the goods-producing industries (1.1 percent vs 3.1 percent in Q1), in particular manufacturing (-0.7 percent vs 1.9 percent), and construction (3.8 percent vs 5.6 percent). In contrast, primary activities expanded 2.7 percent, faster than a 1.4 percent rise in the prior quarter, boosted by mining (16 percent vs 3.1 percent). On a quarterly basis, the GDP advanced 0.5 percent, after a 0.6 percent expansion in Q1 and also beating forecasts of 0.4 percent.

The GDP in New Zealand advanced 2.5 percent year-on-year in the first quarter of 2019, matching the upwardly revised 2.5 expansion of the previous period (original: 2.3 percent) and slightly above expectations of 2.5 percent. Growth was mainly nudged by construction, up 5.6 percent after a 1.0 percent rise in the previous quarter. Also, primary activity jumped 1.4 percent after a 0.2 percent advance, while mining rebounded 3.2 percent after plummeting 11.3 percent in the previous three months. Within services, transport, postal & warehousing expanded 5.9 percent, followed by a 4.3 percent expansion in public administration & safety. On a quarterly basis, GDP advanced 0.6 percent, matching both a 0.6 percent expansion in the previous period and market forecasts.

The GDP in New Zealand advanced 2.3 percent year-on-year in the fourth quarter of 2018, easing from a 2.6 percent expansion in the previous period and below market expectations of 2.5 percent. It was the weakest growth rate since Q4 2013, mainly due to a slowdown in primary activity (0.2 percent vs 1.9 percent in Q3), of which agriculture, forestry & fishing (2.3 percent vs 3.1 percent) and mining (-11.3 percent vs -5.3 percent). Also, the service sector grew 3 percent, lower than a 3.2 percent expansion in the prior quarter, namely wholesale trade (2.4 percent vs 5.2 percent), finance & insurance (1.7 percent vs 2.7 percent), and arts, recreation & other services (1.8 percent vs 3 percent). Meanwhile, industrial activities rose further (1.2 percent vs 0.2 percent), boosted by manufacturing (1.7 percent vs 0.3 percent) and construction (1 percent vs -0.6 percent). On a quarterly basis, GDP expanded 0.6 percent, up from a 0.3 percent growth in the Q3 and matching consensus.