New Zealand GDP: the quarterly growth figure and the Kiwi

New Zealand GDP, gross domestic product, is the official quarterly measure of how much the New Zealand economy grew. It moves the Kiwi through what it says about spare capacity, and so about the next RBNZ decisions. It arrives almost three months after the quarter ends, so the market often has a fair idea of it beforehand, and the surprise is what counts.

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By Mike. Explanation updated 2 Oct 2026; the dates and moves below update with the research.

New Zealand GDP in short

Next release: Not on our calendar yet. It appears once the date is confirmed.
Published by: Stats NZ
When: Quarterly, about eleven weeks after the quarter ends, in March, June, September and December, at 10:45 in the morning New Zealand time. In Amsterdam that is 00:45 for the June and September releases and 22:45 the evening before for the December and March releases. A March release that falls after Europe has moved its clocks forward comes an hour later, at 23:45.
Currency: New Zealand dollar (NZD)
Impact: High: one of the releases that can move the currency on its own
The line read first: GDP quarter on quarter, seasonally adjusted and in volume terms, against the forecast
Measured how: The headline adds up the value added by each industry; a spending measure comes out alongside
Covers: The quarter that ended about eleven weeks earlier

What is in New Zealand GDP

Stats NZ measures GDP three ways: by production, by expenditure and by income. The headline is the production measure, the value added by every industry after the cost of what it used up. It is seasonally adjusted and in chain-volume terms, which means adjusted for price changes.

The release breaks growth down by industry, from farming and manufacturing to construction and services, and by spending: households, government, investment, exports and imports. It also reports GDP per capita, which takes population growth out of the picture.

The previous quarter is often revised in the same release.

Why New Zealand GDP moves the Kiwi

The RBNZ sets the OCR to bring inflation back to its 2% focus, and how fast the economy grows decides how much spare capacity is left. Strong growth uses up that slack and makes a higher OCR more likely. Weak growth points the other way.

Exports of food, with meat and dairy among the largest, often drive the expenditure side. That is one way global demand and commodity prices show up in New Zealand's growth figures.

The RBNZ also publishes its own GDP nowcast, Kiwi-GDP, every Friday. Together with business surveys, it gives the market a fair idea of the figure before Stats NZ publishes it.

How to read New Zealand GDP against the forecast

Compare quarter-on-quarter growth with the consensus and with the projection in the RBNZ's latest Monetary Policy Statement. A gap against the bank's own projection is the part that can change the outlook for the OCR.

Check the revision to the previous quarter as well. A weak quarter after an upward revision can leave the size of the economy where the market expected it.

Then look at what drove the figure. Growth from household spending and investment says more about domestic pressure than a jump in one volatile industry.

What the New Zealand dollar did on the last release days

Measured on our own prices: the New Zealand dollar against the basket of the eight majors, from the London opening before the release to the one after it, so the release sits inside the window. Anything else that came out between those two openings is in it too, so a day with more news says less about this release alone.

Release	Amsterdam	Measured	NZD vs basket
17 Sept 2026	00:45	16 Sept to 17 Sept	+0.12%

For scale: on an ordinary day the New Zealand dollar moves 0.20% against the basket from one London opening to the next, either way, on average over the 250 trading days since 14 Oct 2025.

The forecast, the figure itself and what it changed in our view of the currency are in the app, next to the research.

Questions about New Zealand GDP

What time is New Zealand GDP released?

At 10:45 in the morning New Zealand time. In Amsterdam that is 00:45 for the June and September releases and 22:45 the evening before for the December and March releases.

How often does New Zealand publish GDP?

Every quarter, about eleven weeks after the quarter ends, in March, June, September and December. Between releases, the RBNZ updates its Kiwi-GDP nowcast every Friday.

Which GDP measure is the headline in New Zealand?

The production measure, which adds up the value added by each industry. Stats NZ publishes the expenditure measure in the same release, and the two can differ in any one quarter.

Does a strong New Zealand GDP figure lift the Kiwi?

Usually, when it beats the forecast, because it makes a higher OCR more likely. A strong figure that was expected, or one driven by a single volatile industry, often moves the currency little.