Our economic snapshot summarises important economic statistics for the September 2025 quarter.
It uses statistics drawn from key Stats NZ datasets to provide insights into New Zealand's overall economic performance.
Data sources has more information about the statistics used in this snapshot.
The economy grew in the September 2025 quarter, while unemployment increased
- New Zealand's gross domestic product (GDP) grew 1.1 percent in the September 2025 quarter, following a 1.0 percent decrease in the June 2025 quarter.
- Business services, up 1.6 percent, was the main contributor to the quarterly rise in GDP. This increase was led by professional, scientific, and technical services, such as computer system design and related services. Manufacturing, up 2.2 percent, also contributed, led by food, beverage, and tobacco manufacturing.
- New Zealand's unemployment rate was 5.3 percent in the September 2025 quarter, up from 5.2 percent in the June 2025 quarter and 4.9 percent in the September 2024 quarter.
"While GDP rose in three of the last four quarters, it fell 0.5 percent over the year ended September 2025 compared with the year ended September 2024," general manager and macroeconomic spokesperson Jason Attewell said.
"GDP per capita in the year ended September 2025 was roughly the same level as at the end of 2021.
"The unemployment rate continued to rise, up 0.1 percentage points in the quarter to 5.3 percent. This is the highest rate since the December 2016 quarter."
| Quarter | GDP - Quarterly growth (%) |
| Sept-16 | 1 |
| Dec-16 | 0.3 |
| Mar-17 | 1.1 |
| Jun-17 | 0.8 |
| Sept-17 | 0.7 |
| Dec-17 | 0.9 |
| Mar-18 | 0.9 |
| Jun-18 | 0.9 |
| Sept-18 | 0.1 |
| Dec-18 | 1.5 |
| Mar-19 | 0.9 |
| Jun-19 | 0.1 |
| Sept-19 | 0.8 |
| Dec-19 | 1 |
| Mar-20 | -1.1 |
| Jun-20 | -10.4 |
| Sept-20 | 14.1 |
| Dec-20 | 0.4 |
| Mar-21 | 2 |
| Jun-21 | 0.8 |
| Sept-21 | -4.3 |
| Dec-21 | 4.1 |
| Mar-22 | -0.1 |
| Jun-22 | 0.9 |
| Sept-22 | 1.9 |
| Dec-22 | 0.2 |
| Mar-23 | 0 |
| Jun-23 | 0.9 |
| Sept-23 | 0.1 |
| Dec-23 | 0.5 |
| Mar-24 | 0.2 |
| Jun-24 | -0.6 |
| Sept-24 | -1.3 |
| Dec-24 | 0.1 |
| Mar-25 | 1.1 |
| Jun-25 | -1 |
| Sept-25 | 1.1 |
| Quarter | GDP - Annual growth (%) |
| Sept-16 | 3.9 |
| Dec-16 | 4 |
| Mar-17 | 3.7 |
| Jun-17 | 3.5 |
| Sept-17 | 3.2 |
| Dec-17 | 3.3 |
| Mar-18 | 3.3 |
| Jun-18 | 3.4 |
| Sept-18 | 3.4 |
| Dec-18 | 3.3 |
| Mar-19 | 3.3 |
| Jun-19 | 3.1 |
| Sept-19 | 3.2 |
| Dec-19 | 3 |
| Mar-20 | 2.3 |
| Jun-20 | -0.7 |
| Sept-20 | -0.9 |
| Dec-20 | -1.2 |
| Mar-21 | -0.2 |
| Jun-21 | 6.2 |
| Sept-21 | 5.3 |
| Dec-21 | 5.4 |
| Mar-22 | 4.3 |
| Jun-22 | 0.5 |
| Sept-22 | 2.4 |
| Dec-22 | 2.6 |
| Mar-23 | 3.3 |
| Jun-23 | 4 |
| Sept-23 | 2.6 |
| Dec-23 | 2.2 |
| Mar-24 | 1.8 |
| Jun-24 | 1.1 |
| Sept-24 | 0.5 |
| Dec-24 | -0.3 |
| Mar-25 | -0.9 |
| Jun-25 | -1.2 |
| Sept-25 | -0.5 |
| Quarter | Unemployment rate (%) |
| Sept-16 | 5 |
| Dec-16 | 5.3 |
| Mar-17 | 4.9 |
| Jun-17 | 4.9 |
| Sept-17 | 4.7 |
| Dec-17 | 4.5 |
| Mar-18 | 4.4 |
| Jun-18 | 4.6 |
| Sept-18 | 4 |
| Dec-18 | 4.3 |
| Mar-19 | 4.2 |
| Jun-19 | 4.1 |
| Sept-19 | 4.1 |
| Dec-19 | 4.1 |
| Mar-20 | 4.2 |
| Jun-20 | 4.1 |
| Sept-20 | 5.2 |
| Dec-20 | 4.9 |
| Mar-21 | 4.6 |
| Jun-21 | 4 |
| Sept-21 | 3.3 |
| Dec-21 | 3.2 |
| Mar-22 | 3.3 |
| Jun-22 | 3.3 |
| Sept-22 | 3.3 |
| Dec-22 | 3.4 |
| Mar-23 | 3.5 |
| Jun-23 | 3.7 |
| Sept-23 | 3.9 |
| Dec-23 | 4 |
| Mar-24 | 4.4 |
| Jun-24 | 4.7 |
| Sept-24 | 4.9 |
| Dec-24 | 5.1 |
| Mar-25 | 5.1 |
| Jun-25 | 5.2 |
| Sept-25 | 5.3 |
Construction activity increased, with Otago consenting the most homes per 1,000 residents
- Construction was up 1.7 percent in the September 2025 quarter, as measured in GDP. This was supported by higher investment in residential building, up 3.8 percent, and other construction, up 3.5 percent. On an annual basis, construction was down 8.5 percent over the year ended September 2025 compared with the year ended September 2024.
- Filled jobs in the construction industry were down 0.7 percent in the September 2025 quarter after removing seasonal effects. The actual number of filled jobs in the construction industry was down 5.2 percent compared with the September 2024 quarter.
- The volume of building work put in place increased by 1.5 percent in the September 2025 quarter.
- The number of new homes consented in the September 2025 quarter rose 9.9 percent compared with the June quarter, after removing seasonal effects. In the year ended September 2025, 6.6 new homes were consented per 1,000 residents.
"Otago consented 10.6 homes per 1,000 residents in the year ended September 2025, the most of any region. This was driven by the Queenstown-Lakes district which consented 33.7 homes per 1,000 residents," Attewell said.
"Building consents are a key indicator of future building activity."
Retail activity up with higher spending on durable goods
- Household consumption expenditure rose 0.1 percent in the September 2025 quarter, as measured in GDP. This was driven by expenditure on durables (such as motor vehicles and electronic goods), up 2.0 percent.
- Retail trade volumes also increased this quarter, up 1.9 percent. Durables led the increase with motor vehicle and parts retailing up 7.2 percent, and electrical and electronic goods retailing up 9.8 percent.
- The total value of retail sales also increased, up 1.7 percent in the quarter after removing seasonal effects.
"Fourteen of the 16 regions had higher retail sales values in the September 2025 quarter compared with the June 2025 quarter," Attewell said.
"Growth in retail sales values was stronger in the South Island, up 1.7 percent in the September 2025 quarter compared with 1.4 percent in the North Island. However, the North Island still accounts for over 70 percent of retail sales."
Consumer inflation increased, led by rising household costs
- The consumers price index increased 3.0 percent in the 12 months to the September 2025 quarter. This compares to a 2.7 percent increase in the 12 months to the June 2025 quarter.
- The largest contributors to the annual inflation rate were electricity (up 11.3 percent), rent (up 2.6 percent), and local authority rates and payments (up 8.8 percent).
- Business input prices rose 2.8 percent in the 12 months to the September 2025 quarter. Business output prices were up 3.3 percent over the same period.
"Consumers saw increasing prices for various household costs in the 12 months to September 2025. The 11.3 percent annual increase in electricity prices was the largest since the March 1989 quarter when prices rose 12.8 percent," Attewell said.
"Regional rent prices also increased, but at a slower rate than the previous quarter. Rent prices in Canterbury and Rest of South Island had the largest annual increases, both up 4.3 percent. Wellington had the smallest annual increase, up 0.1 percent."
| Period ended | Auckland | Canterbury | Rest of North Island | Rest of South Island | Wellington |
| Sept-15 | 3 | 3.1 | 1.2 | 1.9 | 1.3 |
| Dec-15 | 3.3 | 2.3 | 1.9 | 2 | 1.4 |
| Mar-16 | 3.2 | 1.2 | 2.1 | 2.1 | 1.4 |
| Jun-16 | 3.5 | 0.1 | 2.1 | 1.9 | 1.2 |
| Sept-16 | 3.4 | -0.6 | 2.4 | 1.1 | 1.3 |
| Dec-16 | 3.2 | -0.8 | 2.2 | 1.2 | 1.6 |
| Mar-17 | 3.1 | -0.8 | 2.4 | 1.5 | 2.1 |
| Jun-17 | 2.9 | -2 | 2.7 | 1.9 | 2.8 |
| Sept-17 | 2.7 | -1.9 | 2.7 | 2.2 | 3.7 |
| Dec-17 | 2.7 | -1.7 | 2.7 | 2.1 | 3.6 |
| Mar-18 | 2.5 | -1.5 | 2.7 | 1.8 | 4.2 |
| Jun-18 | 2.5 | 0.3 | 2.7 | 2.1 | 4.2 |
| Sept-18 | 2.4 | 0.4 | 2.7 | 1.9 | 3.8 |
| Dec-18 | 2.2 | 0.8 | 2.9 | 2.8 | 4 |
| Mar-19 | 2.2 | 0.6 | 2.9 | 2.9 | 3.3 |
| Jun-19 | 2 | 0.9 | 3.6 | 3.3 | 3.8 |
| Sept-19 | 1.8 | 1.3 | 4.3 | 4 | 4.1 |
| Dec-19 | 1.9 | 1.3 | 4.9 | 4.1 | 4.5 |
| Mar-20 | 2.1 | 2 | 5.8 | 5.3 | 5.7 |
| Jun-20 | 1.9 | 1.7 | 5.6 | 4.5 | 5.3 |
| Sept-20 | 1.6 | 1.6 | 5.7 | 3.6 | 5.1 |
| Dec-20 | 1.3 | 1.5 | 5.6 | 2.7 | 4.9 |
| Mar-21 | 1.1 | 1.5 | 5.7 | 2 | 4.3 |
| Jun-21 | 1.2 | 1.8 | 6.2 | 2.1 | 4.7 |
| Sept-21 | 1.4 | 2.3 | 6.5 | 2.7 | 4.9 |
| Dec-21 | 2 | 3.3 | 6.9 | 3.9 | 5.5 |
| Mar-22 | 2.1 | 3.9 | 6.6 | 4.5 | 5.3 |
| Jun-22 | 2.5 | 4.9 | 6.5 | 5.4 | 5.6 |
| Sept-22 | 2.7 | 5.6 | 6.7 | 5.8 | 5.6 |
| Dec-22 | 2.4 | 5.8 | 6.7 | 5.9 | 4.7 |
| Mar-23 | 2.4 | 6.1 | 6.8 | 6.3 | 4 |
| Jun-23 | 2.4 | 6.3 | 6.6 | 6.8 | 3.1 |
| Sept-23 | 2.9 | 6.5 | 6.6 | 7.4 | 2.6 |
| Dec-23 | 3.3 | 6.5 | 6.3 | 7.4 | 2.3 |
| Mar-24 | 3.7 | 6.6 | 6.1 | 7.4 | 2.2 |
| Jun-24 | 4.1 | 6.7 | 5.7 | 7 | 2.1 |
| Sept-24 | 3.9 | 6.4 | 5.2 | 6.6 | 2 |
| Dec-24 | 3.6 | 6 | 4.7 | 6.2 | 1.8 |
| Mar-25 | 3.1 | 5.5 | 4.2 | 5.4 | 1.3 |
| Jun-25 | 2.5 | 5.1 | 4.1 | 5.1 | 1.1 |
| Sept-25 | 1.7 | 4.3 | 3.5 | 4.3 | 0.1 |
Exports up, driven by milk powder, butter, and cheese and travel services
- International trade data showed that total exports of goods and services for the September 2025 quarter were $25.0 billion, up 12.0 percent compared with the September 2024 quarter. Total imports of goods and services were $30.7 billion, up 7.4 percent over the same period.
- Milk powder, butter, and cheese and travel services were our top exports in the September quarter, making up almost a third of all exports. Mechanical machinery and equipment was our top import.
- The current account deficit was $3.8 billion in the September 2025 quarter, compared with $3.6 billion in the June 2025 quarter.
"Travel services exports were up $400 million to $3.3 billion in the September 2025 quarter compared with the September 2024 quarter. Australians make up the largest proportion of visitors to New Zealand," Attewell said.
"Visitor arrivals from Australia increased 12 percent to 1.48 million in the year ended September 2025."
Data sources
Balance of payments and international investment position: September 2025 quarter has more information on the current account deficit.
Building consents issued: September 2025 has more information about building consents issued by region.
Business employment data: September 2025 quarter (updated) has more information on filled jobs by industry.
Business price indexes: September 2025 quarter has more information on business input and output prices.
Consumers price index: September 2025 quarter has more information on consumer inflation.
Gross domestic product: September 2025 quarter has more information on economic growth.
International trade: September 2025 quarter has more information on goods and services exports and imports.
International travel: September 2025 has more information on the number and characteristics of overseas visitors and New Zealand resident travellers (short-term movements) entering or leaving New Zealand.
Labour market statistics: September 2025 quarter has more information on unemployment, employment rates, demand for labour, and changes in wages and salaries.
New Zealand International Trade dashboard shows annual and quarterly exports and imports data for goods and services by country and commodity type.
Retail trade survey: September 2025 quarter has more information on retail sales values and volumes.
Value of building work put in place: September 2025 quarter has more information on the value and volume of work put in place on construction jobs in New Zealand.
