Gross domestic product (GDP) provides a snapshot of the performance of the economy. GDP is New Zealand's official measure of economic growth.
Key facts
All movements are in seasonally adjusted chain volume terms (adjusted for price inflation) unless otherwise stated.
In the September 2025 quarter, compared with the June 2025 quarter:
- GDP rose 1.1 percent
- expenditure on GDP rose 1.3 percent
- GDP per capita rose 0.9 percent
- real gross national disposable income rose 0.7 percent.
The following movements are in seasonally adjusted nominal terms (not adjusted for price inflation).
In the September 2025 quarter, compared with the June 2025 quarter:
- expenditure on GDP rose 1.6 percent
- income GDP rose 1.4 percent.
New Zealand economy up in September 2025 quarter
Economic activity rose 1.1 percent in the September 2025 quarter as measured by gross domestic product. This follows a 1.0 percent fall in the June 2025 quarter. GDP fell 0.5 percent over the year ended September 2025 compared with the year ended September 2024.
Expenditure on GDP rose 1.3 percent in the September 2025 quarter, following a 0.8 percent fall in the June 2025 quarter. Expenditure on GDP fell 0.2 percent over the year ended September 2025, compared with the year ended September 2024.
| Quarter | Quarterly Growth (%) |
| 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 | Annual Growth (%) |
| 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 |
Growth and contribution to growth by industry group, September 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 September 2025 quarter.
| "Industry group" | "Growth (%)" |
| "Primary" | 1 |
| "Goods-producing" | 2 |
| "Services" | 0.8 |
| "Industry group" | "Contribution (%)" |
| "Primary" | 0.05 |
| "Goods-producing" | 0.37 |
| "Services" | 0.55 |
| "Industry_groups" | "Share (%)" |
|---|---|
| "Primary" | 5.2 |
| "Goods-producing" | 20.4 |
| "Services" | 74.4 |
| "Industry" | "Change ($)" |
| "Agriculture | 37000000 |
| forestry | 3000000 |
| and fishing" | 116000000 |
| "Mining" | 41000000 |
| "Manufacturing" | 74000000 |
| "Electricity | 56000000 |
| gas | 54000000 |
| water | 18000000 |
| and waste services" | -61000000 |
| "Construction" | 12000000 |
| "Wholesale trade" | 36000000 |
| "Retail trade and accommodation" | 136000000 |
| "Transport | 67000000 |
| postal | -4000000 |
| and warehousing" | 20000000 |
| "Information media and telecommunications" | 24000000 |
| "Financial and insurance services" | |
| "Rental | |
| hiring | |
| and real estate" | |
| "Business services" | |
| "Public administration and safety | |
| and defence" | |
| "Education and training" | |
| "Health care and social assistance" | |
| "Arts | |
| recreation | |
| and other services" |
| Component | Change ($) |
| Household final consumption expenditure | 64000000 |
| Private consumption expenditure | 59000000 |
| General government expenditure | 191000000 |
| Change in inventories | -385000000 |
| Gross fixed capital formation | 555000000 |
| Exports of goods and services | 601000000 |
| (less) Imports of goods and services | 592000000 |
Upwards drivers - change in expenditure
Exports of goods and services was up 3.3 percent, driven by:
- travel services
- dairy products
- other services including insurance.
Gross fixed capital formation was up 3.2 percent, driven by:
- transport equipment
- plant, machinery, and equipment.
Downwards drivers - change in expenditure
Imports of goods and services was up 2.5 percent, driven by
- imports of total capital goods
- imports of passenger motor cars
- imports of refined petroleum.
New Zealand's real purchasing power rises in the September 2025 quarter
In the September 2025 quarter, compared with the June 2025 quarter:
- real gross national disposable income rose 0.7 percent
- real gross national disposable income per capita rose 0.5 percent.
In the year ended September 2025, compared with the year ended September 2024:
- annual real gross national disposable income rose 1.3 percent
- annual real gross national disposable income per capita rose 0.5 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 0.7 percent in the September 2025 quarter. Economic activity and net transfer flows increased, while the terms of trade and net investment income on our international investments decreased.
Over the September 2025 quarter, export prices fell 1.6 percent, while import prices rose 0.5 percent, decreasing the terms of trade in the quarter. A decrease in the terms of trade results in more exports being needed to pay for a given volume of imports. This means that residents can purchase fewer goods and services by volume from the income generated from a given level of domestic production.
The 0.7 percent increase in RGNDI, coupled with a population increase of 0.2 percent over the quarter, increased RGNDI per capita 0.5 percent in the quarter.
Annually, RGNDI rose 1.3 percent over the year to September 2025 while RGNDI per capita rose 0.5 percent over the year.
New Zealand and trade partners, September 2025 quarter
Country |
Quarterly % change in GDP, |
% change from same quarter |
New Zealand |
1.1 |
1.3 |
Australia |
0.4 |
2.1 |
Canada |
0.6 |
1.4 |
China |
1.1 |
4.8 |
Euro area (20 countries) |
0.3 |
1.4 |
European Union (27 countries) |
0.4 |
1.6 |
Japan |
-0.6 |
0.7 |
OECD - Total |
.. |
.. |
United Kingdom |
0.1 |
1.3 |
United States |
.. |
.. |
Data as at 15 December 2025. See OECD.Stat for GDP data covering other countries. Take care when comparing For more information on average annual growth and year on year growth, see DataInfo+. Symbol: .. figure not available |
||
Quarterly nominal expenditure GDP, September 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 1.6 percent in the September 2025 quarter. The size of the economy was $440 billion for the year ended September 2025.
Breakdown of GDP by income
June 2025 quarter |
September 2025 |
Annual average |
|
Compensation of employees |
-0.1 |
0.1 |
0.9 |
Gross operating surplus and gross mixed income |
-0.5 |
2.9 |
7.2 |
Taxes on production and imports |
-0.6 |
1.2 |
4.2 |
Less subsidies |
-17.3 |
19.3 |
-8.4 |
Income gross domestic product |
-0.2 |
1.4 |
4.1 |
Note: For the September 2025 quarter, the measures of average annual growth compare activity over the most recent year (sum of activity in December 2024 to September 2025 quarters) with activity over the previous year (sum of activity in December 2023 to September 2024 quarters). |
|||
| Component | Change ($) |
| Compensation of employees | 64000000 |
| Gross operating surplus and gross mixed income | 1384000000 |
| Taxes on production and imports | 174000000 |
| (less) Subsidies | 94000000 |
Nominal income GDP rises
Nominal income GDP rose 1.4 percent in the September 2025 quarter, following a 0.2 percent fall in the June 2025 quarter. The rise was driven by a 2.9 percent increase in gross operating surplus and gross mixed income.
Quarterly and annual growth revised due to annual benchmarking, method changes, and updated data
In the September quarter of each year, we reconcile quarterly constant price series with new annual national accounts data which have undergone supply-use balancing. This process often coincides with the implementation of methodology changes and updated data sources.
This reconciliation is standard international best practice, essential for maintaining the quality of the quarterly series over time. It allows us to include more comprehensive detail that is not captured by our quarterly indicators.
The new annual data comes from two releases, published on 14 November 2025:
- National accounts (industry production and investment): Year ended March 2024
- National accounts (income and expenditure): Year ended March 2025
Annual industry data in current prices is deflated to provide constant price annual industry benchmarks for the reconciliation process. Annual benchmark data for 2024 was used to update the weights used for aggregating the lower-level components in the production measure of GDP, through a process called chain-linking. This ensures that the changing structure of the New Zealand economy is reflected in the volume series.
Annual benchmark updates can significantly affect quarterly estimates of economic growth. Structural changes and updated data often result in revised annual and quarterly growth rates, especially for the most recent period. These revisions improve our quarterly growth estimates by better reflecting recent changes in the structure of the economy.
| Quarter | Updated quarterly growth (%) |
| 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 | Previously published quarterly growth (%) |
| Mar-22 | 0 |
| Jun-22 | 1.1 |
| Sept-22 | 2.1 |
| Dec-22 | 0 |
| Mar-23 | -0.2 |
| Jun-23 | 0.8 |
| Sept-23 | 0.1 |
| Dec-23 | 0.2 |
| Mar-24 | 0.1 |
| Jun-24 | -0.9 |
| Sept-24 | -1.1 |
| Dec-24 | 0.4 |
| Mar-25 | 0.9 |
| Jun-25 | -0.9 |
| Quarter | Updated annual growth (%) |
| 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 | Previously published annual growth (%) |
| Mar-22 | 4.5 |
| Jun-22 | 0.7 |
| Sept-22 | 2.7 |
| Dec-22 | 2.9 |
| Mar-23 | 3.5 |
| Jun-23 | 4 |
| Sept-23 | 2.3 |
| Dec-23 | 1.8 |
| Mar-24 | 1.4 |
| Jun-24 | 0.6 |
| Sept-24 | 0 |
| Dec-24 | -0.6 |
| Mar-25 | -1.1 |
| Jun-25 | -1.1 |
The graph below shows how each industry contributed to quarterly GDP weights.
| Industry | 2023 contribution to GDP (%) |
| Agriculture | 4.6 |
| Mining | 0.8 |
| Manufacturing | 8.9 |
| "Electricity | 2.5 |
| gas | 7.4 |
| water | 5 |
| and waste services" | 6.6 |
| Construction | 4.3 |
| Wholesale trade | 1.9 |
| Retail trade and accommodation | 6 |
| "Transport | 14.2 |
| postal | 11 |
| and warehousing" | 4.2 |
| Information media and telecommunications | 4 |
| Financial and insurance services | 6.8 |
| "Rental | 3.2 |
| hiring | 8.4 |
| and real estate services" | |
| Business services | |
| "Public admin | |
| safety | |
| and defence" | |
| Education and training | |
| Health care and social assistance | |
| Arts and recreation services | |
| Unallocated taxes |
| Industry | 2024 contribution to GDP (%) |
| Agriculture | 4 |
| Mining | 0.7 |
| Manufacturing | 8.3 |
| "Electricity | 2.7 |
| gas | 7.8 |
| water | 4.5 |
| and waste services" | 6.5 |
| Construction | 4.3 |
| Wholesale trade | 1.9 |
| Retail trade and accommodation | 6.3 |
| "Transport | 14.7 |
| postal | 11 |
| and warehousing" | 4.4 |
| Information media and telecommunications | 4.1 |
| Financial and insurance services | 7.2 |
| "Rental | 3.3 |
| hiring | 8.3 |
| and real estate services" | |
| Business services | |
| "Public admin | |
| safety | |
| and defence" | |
| Education and training | |
| Health care and social assistance | |
| Arts and recreation services | |
| Unallocated taxes |
The graph below shows how each component contributed to quarterly expenditure on GDP weights.
| Component | 2024 contribution to GDE (%) |
| Household final consumption expenditure | 56.4 |
| Private non-profit final consumption expenditure | 1.1 |
| Central government final consumption expenditure | 18.6 |
| Local government final consumption expenditure | 2.4 |
| Gross fixed capital formation | 24.8 |
| Change in inventories | -0.8 |
| Exports of goods and services | 23.6 |
| (less) Imports of goods and services | -26.2 |
| Component | 2025 contribution to GDE (%) |
| Household final consumption expenditure | 55.9 |
| Private non-profit final consumption expenditure | 1.2 |
| Central government final consumption expenditure | 18.7 |
| Local government final consumption expenditure | 2.4 |
| Gross fixed capital formation | 23.4 |
| Change in inventories | -0.3 |
| Exports of goods and services | 24.7 |
| (less) Imports of goods and services | -26 |
For more information on updates to GDP, see Improvements to gross domestic product September 2025 quarter.
Annual nominal expenditure and income GDP, March 2025 year
The following movements are annual average growth rates for the year ended March 2025, in nominal terms (not adjusted for price inflation). Where no annual benchmark is available, annual movements for the year ended March 2025 are calculated as the sum of quarters. For all years prior to 2025, quarterly series are reconciled to annual benchmarks.
For series calculated as the sum of quarters, updates to benchmarks in previous years can change growth rates in quarters after the latest benchmark due to the reconciliation process. For information on updates to prior years, see 2025 preview of national accounts improvements and updates.
Previously published annual growth |
Updated annual growth |
|
Household final consumption expenditure |
2.4 |
2.4 |
Non-profit organisations serving households |
5.0 |
9.8 |
Private consumption expenditure |
2.5 |
2.6 |
Central government final consumption expenditure |
6.1 |
3.5 |
Local government final consumption expenditure |
4.3 |
3.4 |
General government expenditure |
5.9 |
3.5 |
Gross fixed capital formation |
-2.8 |
-2.8 |
Gross capital formation |
-2.2 |
-0.9 |
Gross national expenditure |
2.1 |
2.0 |
Exports of goods and services |
8.2 |
8.2 |
Less imports of goods and services |
2.4 |
2.4 |
Expenditure on gross domestic product |
3.4 |
3.3 |
Previously published annual growth |
Updated annual growth |
|
Compensation of employees |
3.1 |
2.5 |
Gross operating surplus and gross mixed income |
1.9 |
3.8 |
Taxes on production and imports |
5.7 |
5.6 |
Less subsidies |
-2.9 |
1.8 |
Income gross domestic product |
3.0 |
3.5 |
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: September 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.
Technical enquiries
Katrina Dewbery
[email protected]
04 931 4841
ISSN 1178-0290
Next release
Gross domestic product: December 2025 quarter will be released on 19 March 2026.
