Our economic snapshot summarises important economic statistics for the March 2025 quarter.
It uses statistics drawn from key Stats NZ datasets to provide insights into New Zealand's overall economic performance.
The economy grew in the March 2025 quarter, but contracted over the year.
- New Zealand's gross domestic product (GDP) rose 0.8 percent in the March 2025 quarter, following a 0.5 percent increase in the December 2024 quarter.
- GDP fell 1.1 percent over the year ended March 2025, compared with the year ended March 2024.
"Despite two consecutive quarters of growth, the impact of 1.0 percent falls in both the June and September 2024 quarters led to the fall in the 12 months to March 2025," general manager and macroeconomic spokesperson Jason Attewell said.
| Quarter | Quarterly growth (%) |
| Dec-18 | 1.5 |
| Mar-19 | 0.9 |
| Jun-19 | 0 |
| Sep-19 | 0.8 |
| Dec-19 | 1 |
| Mar-20 | -1.1 |
| Jun-20 | -10.4 |
| Sep-20 | 14.1 |
| Dec-20 | 0.4 |
| Mar-21 | 2.1 |
| Jun-21 | 0.9 |
| Sep-21 | -4.2 |
| Dec-21 | 4 |
| Mar-22 | -0.1 |
| Jun-22 | 1.1 |
| Sep-22 | 2.1 |
| Dec-22 | 0 |
| Mar-23 | -0.2 |
| Jun-23 | 0.8 |
| Sep-23 | 0.2 |
| Dec-23 | 0.2 |
| Mar-24 | 0.1 |
| Jun-24 | -1 |
| Sep-24 | -1 |
| Dec-24 | 0.5 |
| Mar-25 | 0.8 |
| Quarter | Annual growth (%) |
| Dec-18 | 3.5 |
| Mar-19 | 3.5 |
| Jun-19 | 3.2 |
| Sep-19 | 3.3 |
| Dec-19 | 3 |
| Mar-20 | 2.3 |
| Jun-20 | -0.7 |
| Sep-20 | -1 |
| Dec-20 | -1.3 |
| Mar-21 | -0.3 |
| Jun-21 | 6.2 |
| Sep-21 | 5.3 |
| Dec-21 | 5.6 |
| Mar-22 | 4.5 |
| Jun-22 | 0.7 |
| Sep-22 | 2.7 |
| Dec-22 | 2.9 |
| Mar-23 | 3.5 |
| Jun-23 | 4 |
| Sep-23 | 2.4 |
| Dec-23 | 1.8 |
| Mar-24 | 1.4 |
| Jun-24 | 0.6 |
| Sep-24 | 0 |
| Dec-24 | -0.6 |
| Mar-25 | -1.1 |
Annual inflation remained within the Reserve Bank's target band. However, both wages and business prices outpaced consumer inflation.
- The consumer price index increased 2.5 percent in the 12 months to the March 2025 quarter, within the Reserve Bank of New Zealand's target band of 1 to 3 percent.
- In the same period, all salary and wage rates (including overtime) increased 2.9 percent. Average ordinary time hourly earnings rose 4.5 percent to $42.79.
- Business input prices rose 5.3 percent in the 12 months to the March 2025 quarter. Business output prices were up 4.7 percent over the same period.
"Since the June 2024 quarter, business input and output prices have increased at a higher rate than consumer prices, reflecting inflationary pressures impacting businesses and households at different times," Attewell said.
| Quarter | Consumers price index - all groups (%) | Producer price index - inputs (%) | Producer price index - outputs (%) |
| Mar-19 | 1.5 | 3.4 | 2.7 |
| Jun-19 | 1.7 | 2.7 | 2.3 |
| Sep-19 | 1.5 | 2.3 | 1.9 |
| Dec-19 | 1.9 | 0.6 | 1.5 |
| Mar-20 | 2.5 | 1.2 | 2.2 |
| Jun-20 | 1.5 | 0 | 1.5 |
| Sep-20 | 1.4 | -0.4 | 0.1 |
| Dec-20 | 1.4 | -0.5 | 0.1 |
| Mar-21 | 1.5 | 1.8 | 1.2 |
| Jun-21 | 3.3 | 5.9 | 4 |
| Sep-21 | 4.9 | 7 | 6.2 |
| Dec-21 | 5.9 | 8.2 | 7.3 |
| Mar-22 | 6.9 | 9.6 | 8.8 |
| Jun-22 | 7.3 | 9.7 | 8.5 |
| Sep-22 | 7.2 | 8.8 | 8.4 |
| Dec-22 | 7.2 | 8 | 7.7 |
| Mar-23 | 6.7 | 4.5 | 5.2 |
| Jun-23 | 6 | 1.1 | 3 |
| Sep-23 | 5.6 | 1.5 | 2.1 |
| Dec-23 | 4.7 | 1.9 | 2 |
| Mar-24 | 4 | 2.6 | 2.6 |
| Jun-24 | 3.3 | 4.2 | 3.4 |
| Sep-24 | 2.2 | 5 | 4.2 |
| Dec-24 | 2.2 | 3 | 3.3 |
| Mar-25 | 2.5 | 5.3 | 4.7 |
