Statistics New Zealand

06/19/2025 | Press release | Distributed by Public on 06/18/2025 17:06

Gross domestic product: March 2025 quarter

Gross domestic product: March 2025 quarter

19 June 2025, 10:45am

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Gross domestic product (GDP) provides a snapshot of the performance of the economy. GDP is New Zealand's official measure of economic growth.

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  • Gross domestic product: March 2025 quarter

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  • Gross domestic product: March 2025 quarter - current price income and expenditure

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  • Gross domestic product: March 2025 quarter - supplementary tables

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Key facts

All movements are in seasonally adjusted chain volume terms (adjusted for price inflation) unless otherwise stated.

In the March 2025 quarter, compared with the December 2024 quarter:

  • GDP rose 0.8 percent
  • expenditure on GDP rose 0.9 percent
  • GDP per capita rose 0.5 percent
  • real gross national disposable income rose 0.5 percent.

The following movements are in seasonally adjusted nominal terms (not adjusted for price inflation).

In the March 2025 quarter, compared with the December 2024 quarter:

  • expenditure on GDP rose 2.0 percent
  • income GDP rose 1.9 percent.

New Zealand economy up in March 2025 quarter

Economic activity rose 0.8 percent in the March 2025 quarter as measured by gross domestic product. This follows a 0.5 percent rise in the December 2024 quarter. GDP fell 1.1 percent over the year ended March 2025 compared with the year ended March 2024.

Expenditure on GDP rose 0.9 percent in the March 2025 quarter, following a 0.6 percent rise in the December 2024 quarter. Expenditure on GDP fell 0.9 percent over the year ended March 2025 compared with the year ended March 2024.

  • Graph
  • Table
Created with Highcharts 5.0.14QuarterPercentSeasonally adjusted chain-volume quarterly growth.Gross domestic product, quarterly and annual growth rates, chain-volume, December 2018-March 2025Quarterly growth (%)Annual growth (%)Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24Mar-25-20-1001020Stats NZ

Gross domestic product, quarterly and annual growth rates, chain-volume, December 2018-March 2025

Created with Highcharts 5.0.14PercentGross domestic product, quarterly and annual growth rates, chain-volume, December 2018-March 2025Quarterly growth (%)Annual growth (%)Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24Mar-25-20-1001020Stats NZ
Quarter Quarterly growth (%) Annual growth (%)
Dec-18 1.5 3.5
Mar-19 0.9 3.5
Jun-19 0 3.2
Sep-19 0.8 3.3
Dec-19 1 3
Mar-20 -1.1 2.3
Jun-20 -10.4 -0.7
Sep-20 14.1 -1
Dec-20 0.4 -1.3
Mar-21 2.1 -0.3
Jun-21 0.9 6.2
Sep-21 -4.2 5.3
Dec-21 4 5.6
Mar-22 -0.1 4.5
Jun-22 1.1 0.7
Sep-22 2.1 2.7
Dec-22 0 2.9
Mar-23 -0.2 3.5
Jun-23 0.8 4
Sep-23 0.2 2.4
Dec-23 0.2 1.8
Mar-24 0.1 1.4
Jun-24 -1 0.6
Sep-24 -1 0
Dec-24 0.5 -0.6
Mar-25 0.8 -1.1

Growth and contribution to growth by industry group, March 2025 quarter

The following three graphs show the growth, contribution to growth, and economic share of the primary, goods-producing, and services industries to GDP for the March 2025 quarter. Click the Table tabs to see all the values.

  • Graph
  • Table
Created with Highcharts 5.0.14PercentSeasonally adjusted chain-volume quarterly growth.GDP growth by industry group, March 2025 quarterPrimaryGoods-producingServices00.250.50.7511.251.5Stats NZ

GDP growth by industry group, March 2025 quarter

Created with Highcharts 5.0.14PercentGDP growth by industry group, March 2025 quarterGrowth (%)PrimaryGoods-producingServices00.511.5Stats NZ
Industry group Growth (%)
Primary 0.8
Goods-producing 1.3
Services 0.4
  • Graph
  • Table
Created with Highcharts 5.0.14PercentContribution to GDP growth by industry group, March 2025 quarterPrimaryGoods-producingServices00.050.10.150.20.250.3Stats NZ

Contribution to GDP growth by industry group, March 2025 quarter

Created with Highcharts 5.0.14PercentContribution to GDP growth by industry group, March 2025 quarterContribution (%)PrimaryGoods-producingServices00.10.20.3Stats NZ
Industry group Contribution (%)
Primary 0.04
Goods-producing 0.24
Services 0.27
  • Graph
  • Table
Created with Highcharts 5.0.14Share of the economy by industry group, March 2025 quarterPrimary: 5.8%Primary: 5.8%Goods-producing: 20.6%Goods-producing: 20.6%Services: 73.6%Services: 73.6%Stats NZ

Share of the economy by industry group, March 2025 quarter

Created with Highcharts 5.0.14Share of the economy by industry group, March 2025 quarterPrimary: 5.8%Primary: 5.8%Goods-producing: 20.6%Goods-producing: 20.6%Services: 73.6%Services: 73.6%PrimaryGoods-producingServicesStats NZ
Industry group Share (%)
Primary 5.8
Goods-producing 20.6
Services 73.6

Differences between the sum of components and total GDP are due to the contribution of unallocated taxes and statistical effects created by processes of chain linking and seasonal adjustment. These are not included in the diagram above, but are shown in Table 1.

Breakdown of GDP by production

Table 1, Quarterly and annual average percentage change in GDP, by industry in chain volume terms,
December 2024 and March 2025 quarters

December 2024

quarter (updated)

March 2025

quarter

Annual average

(growth over YE March 2025)

Agriculture, forestry, and fishing

0.8

0.8

3.7

Mining

-1.0

1.0

-11.2

Primary industries

0.6

0.8

1.6

Manufacturing

0.1

2.4

-1.4

Electricity, gas, water, and waste services

1.7

0.0

-2.4

Construction

-3.6

0.5

-9.3

Goods-producing industries

-1.1

1.3

-4.7

Wholesale trade

0.2

-0.5

-3.6

Retail trade and accommodation

2.1

0.3

-1.4

Transport, postal, and warehousing

1.8

0.9

-1.0

Information media and telecommunications

-2.9

-0.8

-2.0

Financial and insurance services

0.0

-0.4

0.8

Rental, hiring, and real estate services

0.9

-0.1

3.0

Business services

-0.1

2.4

-2.0

Public administration and safety

-0.4

0.1

-1.8

Education and training

0.0

-0.1

0.9

Health care and social assistance

1.9

1.4

2.2

Arts, recreation, and other services

1.3

-1.9

-2.3

Service industries

0.6

0.4

-0.1

Unallocated taxes

-0.6

1.9

-2.9

Gross domestic product

0.5

0.8

-1.1

Note: For March 2025 quarter, the measures of average annual growth compare activity over the most recent year
(sum of activity in June 2024 to March 2025 quarters) with activity over the previous year (sum of activity in
June 2023 to March 2024 quarters).

YE - year ended

  • Graph
  • Table
Created with Highcharts 5.0.14Industry$Seasonally adjusted chain-volume series in 2009/2010 prices.Change in production of GDP ($), by industry, December 2024-March 2025 quartersAgriculture, forestry, and fishingMiningManufacturingElectricity, gas, water, and waste servicesConstructionWholesale tradeRetail trade and accommodationTransport, postal, and warehousingInformation, media, and telecommunicationsFinancial and insurance servicesRental, hiring, and real estate servicesBusiness servicesPublic admin, safety, and defenceEducation and trainingHealth care and social assistanceArts, recreation, and other services-40M-20M020M40M60M80M100M120M140M160M180M200M-60MStats NZ

Change in production of GDP ($), by industry, December 2024-March 2025 quarters

Created with Highcharts 5.0.14$Change in production of GDP ($), by industry, December 2024-March 2025 quartersChange ($)Agriculture, forestry, and fishingManufacturingConstructionRetail trade and accommodationInformation, media, and telecommunicationsRental, hiring, and real estate servicesPublic admin, safety, and defenceHealth care and social assistance-40M-20M020M40M60M80M100M120M140M160M180M200M-60MStats NZ
Industry Change ($)
Agriculture, forestry, and fishing 30,000,000
Mining 5,000,000
Manufacturing 129,000,000
Electricity, gas, water, and waste services -1,000,000
Construction 19,000,000
Wholesale trade -18,000,000
Retail trade and accommodation 12,000,000
Transport, postal, and warehousing 26,000,000
Information, media, and telecommunications -21,000,000
Financial and insurance services -16,000,000
Rental, hiring, and real estate services -13,000,000
Business services 197,000,000
Public admin, safety, and defence 2,000,000
Education and training -2,000,000
Health care and social assistance 69,000,000
Arts, recreation, and other services -45,000,000

Upwards drivers - change in production

Business services was up 2.4 percent, driven by:

  • computer system design and related services.

Manufacturing was up 2.4 percent, driven by:

  • transport equipment, machinery and equipment manufacturing.

Health care and social assistance was up 1.4 percent, driven by:

  • health care and social assistance central government.

Downwards drivers - change in production

Arts, recreation, and other services was down 1.9 percent, driven by:

  • gambling activities
  • heritage and artistic activities.

Information media and telecommunications was down 0.8 percent, driven by:

  • telecommunications services, internet service providers, web search portals, and data processing services.

Wholesale trade was down 0.5 percent, driven by:

  • other goods wholesaling
  • machinery and equipment wholesaling.

Breakdown of GDP by expenditure

Table 2, Quarterly and annual average percentage change in GDP, by expenditure in chain volume terms,
December 2024 and March 2025 quarters

December 2024
quarter (updated)

March 2025
quarter

Annual average (growth
over YE March 2025)

Household final consumption expenditure

0.1

1.4

0.2

Non-profit organisations serving households

-0.8

-0.6

-1.7

Private consumption expenditure

0.1

1.3

0.2

Central government expenditure

1.5

1.4

-1.3

Local government expenditure

1.7

-1.0

3.4

General government expenditure

1.6

1.0

-0.7

Gross fixed capital formation

-0.3

0.6

-5.3

Gross capital formation

0.4

-1.3

-4.4

Gross national expenditure

0.3

0.3

-1.1

Exports of goods and services

3.4

0.1

2.7

Less imports of goods and services

1.1

0.4

1.7

Expenditure on gross domestic product

0.6

0.9

-0.9

Note: For March 2025 quarter, the measures of average annual growth compare activity over the most recent year
(sum of activity in June 2024 to March 2025 quarters) with activity over the previous year (sum of activity in
June 2023 to March 2024 quarters).

YE - year ended

  • Graph
  • Table
Created with Highcharts 5.0.14Component$Seasonally adjusted chain-series in 2009/2010 prices.Change in expenditure on GDP ($), by component, December 2024-March 2025 quartersHousehold consumption expenditurePrivate consumption expenditureGeneral government expenditureChange in inventoriesGross fixed capital formationGross national expenditureExports of goods and services(less) Imports of goods and servicesExpenditure on gross domestic product-250M-200M-150M-100M-50M050M100M150M200M250M300M350M400M450M500M550M600M650M70…700MStats NZ

Change in expenditure on GDP ($), by component, December 2024-March 2025 quarters

Created with Highcharts 5.0.14$Change in expenditure on GDP ($), by component, December 2024-March 2025 quartersChange ($)Household consumption expenditurePrivate consumption expenditureGeneral government expenditureChange in inventoriesGross fixed capital formationGross national expenditureExports of goods and services(less) Imports of goods and servicesExpenditure on gross domestic product-250M-200M-150M-100M-50M050M100M150M200M250M300M350M400M450M500M550M600M650M70…700MStats NZ
Component Change ($)
Household consumption expenditure 601,000,000
Private consumption expenditure 597,000,000
General government expenditure 154,000,000
Change in inventories -201,000,000
Gross fixed capital formation 99,000,000
Gross national expenditure 240,000,000
Exports of goods and services 15,000,000
(less) Imports of goods and services 86,000,000
Expenditure on gross domestic product 665,000,000

Upwards drivers - change in expenditure

Household consumption expenditure was up 1.4 percent, driven by:

  • spending on services, including cultural services; other digital services imports; and accommodation services
  • spending on durable goods, including new motor vehicles; used motor vehicles; and clothing.

Central government final consumption expenditure was up 1.4 percent, driven by:

  • a decrease in sales (a decrease in sales has an upwards contribution to the overall movement)
  • compensation of employees.

Downwards drivers - change in expenditure

The change in inventories decreased by $201 million in the March 2025 quarter, driven by distribution.

New Zealand's real purchasing power rises in the March 2025 quarter

In the March 2025 quarter, compared with the December 2024 quarter:

  • real gross national disposable income rose 0.5 percent
  • real gross national disposable income per capita rose 0.2 percent.

In the year ended March 2025, compared with the year ended March 2024:

  • annual real gross national disposable income fell 0.5 percent
  • annual real gross national disposable income per capita fell 1.8 percent.

While GDP measures economic activity, real gross national disposable income (RGNDI) measures the volumes of goods and services that New Zealand residents have command over, that is, the real purchasing power of the country's disposable income. RGNDI is also affected by changes in the terms of trade, the country's net investment income, and net transfer flows with the rest of the world.

New Zealand's ability to buy goods and services from its income, RGNDI, was up, at 0.5 percent in the March 2025 quarter. Economic activity and the terms of trade increased, while net transfer flows and net investment income on our international investments decreased.

Over the March 2025 quarter, export prices rose 7.1 percent, while import prices rose 5.1 percent, increasing the terms of trade in the quarter. An increase in the terms of trade results in less exports being needed to pay for a given volume of imports. This means that residents can purchase more goods and services by volume from the income generated from a given level of domestic production.

The 0.5 percent increase in RGNDI, coupled with a population increase of 0.3 percent over the quarter, led to a 0.2 percent increase in RGNDI per capita for the quarter.

Annually, RGNDI fell 0.5 percent over the year to March 2025, while RGNDI per capita fell 1.8 percent over the year.

New Zealand and trade partners, March 2025 quarter

Table 3, Percentage changes in GDP, international comparisons in chain volume terms,
March 2025 quarter and with same quarter previous year (March 2024 quarter)

Country

Quarterly % change in GDP,
March 2025 quarter

% change from same
quarter previous year

New Zealand

0.8

-0.7

Australia

0.2

1.3

Canada

0.5

2.3

China

1.2

5.4

Euro area (20 countries)

0.6

1.5

European Union (27 countries)

0.6

1.6

Japan

0.0

1.7

OECD - Total

0.3

1.7

United Kingdom

0.7

1.3

United States

-0.1

2.1

Data as at 17 June 2025. See OECD.Stat for GDP data covering other countries.
Take care when comparing New Zealand's GDP figures with those of other countries,
as the methodology used varies internationally.

Stats NZ publishes both 'average annual growth' and 'year-on-year' (change from same
quarter previous year) GDP growth rates. 'Average annual growth' is Stats NZ's preferred
measure, but it is not available from the OECD website for all countries each quarter.

For more information on average annual growth and year on year growth, see DataInfo+.

Quarterly nominal expenditure GDP, March 2025 quarter

The following movements are in seasonally adjusted nominal terms (not adjusted for price inflation) unless otherwise stated.

Seasonally adjusted nominal expenditure GDP rose 2.0 percent in the March 2025 quarter. The size of the economy was $430 billion for the year ended March 2025.

Breakdown of GDP by income

Table 4, Quarterly and annual average percentage change in GDP, by income in nominal terms,
December 2024 and March 2025 quarters

December 2024
quarter (updated)

March 2025
quarter

Annual average (growth
over YE March 2025)

Compensation of employees

-0.2

1.5

3.2

Gross operating surplus and gross mixed income

4.5

2.0

2.2

Taxes on production and imports

0.9

2.7

5.5

Less subsidies

-9.3

-1.2

-2.9

Income gross domestic product

2.0

1.9

3.1

Note: For March 2025 quarter, the measures of average annual growth compare activity over the most recent year
(sum of activity in June 2024 to March 2025 quarters) with activity over the previous year (sum of activity in
June 2023 to March 2024 quarters).

YE - year ended

  • Graph
  • Table
Created with Highcharts 5.0.14Component$Seasonally adjusted current price series.Change in income GDP ($), by component, December 2024-March 2025 quartersCompensation of employeesGross operating surplus and gross mixed incomeTaxes on production and imports(less) SubsidiesGross domestic product - income measure-100M0100M200M300M400M500M600M700M800M900M1 000M1 100M1 200M1 300M1 400M1 500M1 600M1 700M1 800MStats NZ

Change in income GDP ($), by component, December 2024-March 2025 quarters

Created with Highcharts 5.0.14$Change in income GDP ($), by component, December 2024-March 2025 quarters$Compensation of employeesGross operating surplus and gross mixed incomeTaxes on production and imports(less) SubsidiesGross domestic product - income measure-100M0100M200M300M400M500M600M700M800M900M1 000M1 100M1 200M1 300M1 400M1 500M1 600M1 700M1 …1 800MStats NZ
Component $
Compensation of employees -40,000,000
Gross operating surplus and gross mixed income 1,706,000,000
Taxes on production and imports 44,000,000
(less) Subsidies -60,000,000
Gross domestic product - income measure 1,770,000,000

Nominal income GDP rises

Nominal income GDP rose 1.9 percent in the March 2025 quarter, following a 2.0 percent rise in the December 2024 quarter. The drivers were:

  • gross operating surplus and gross mixed income, up 2.0 percent
  • compensation of employees, up 1.5 percent
  • taxes on production and imports, up 2.7 percent.

More data

Use Infoshare to access the national accounts time series.

Subject category: Economic indicators
Group: National accounts - SNA 2008

Definitions and metadata

National accounts quarterlies - DataInfo+ provides the general methodology used to produce these statistics.

National accounts quarterlies - concepts - DataInfo+ provides the definitions of terms used in this release.

Gross domestic product: March 2025 quarter - changes and data updates - DataInfo+ has details of data updates for this release.

Overview of sources and methods for quarterly gross domestic product: Updates and COVID-19 adjustments provides an overview of changes to our usual quarterly GDP methods, including alternative data sources and methods we are using to measure the effects of COVID-19 in New Zealand.

About the quarterly income measure of GDP provides more information on the GDPI measure.

National accounts (income, saving, assets, and liabilities): Sources and methods (fourth edition) provides the data sources and compilation methods used in estimating GDPI as well as income by institutional sector and saving, assets, and liabilities measures.

Tourism satellite account: Year ended March 2024 provides a picture of the role tourism plays in New Zealand, with information on the changing levels and impact of tourism activity.

Media enquiries

Media teammedia@stats.govt.nz021 285 9191

Technical enquiries

Katrina Dewberyinfo@stats.govt.nz04 931 4841

ISSN 1178-0290

Next release

Gross domestic product: June 2025 quarter will be released on 18 September 2025.

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