Also, the goods-producing industries contracted 16.3%, after dropping 2.8% in the prior quarter, of which construction (-25.8% vs -4.1%) and manufacturing (-13% vs -2.2%).

The Public Finance (Wellbeing) Amendment Bill is currently at the Second Reading phase of the legislative process and is scheduled to pass later this year. Update my browser now, Wellbeing Budget 2020: Rebuilding Together, Superannuation Statement and Venture Capital Investment, Budget Policy Statement 2020 (PDF, 1.26 MB), Budget Policy Statement 2020 Charts and Data (XLSX, 123 KB). The forecasts should therefore be read in conjunction with the alternative scenarios in the 2020 Budget Update. Watchdog warns of rise in scammers' activity, British PM Boris Johnson set to announce national lockdown, Deal or no deal? On a quarterly basis, the economy expanded 0.5 percent, faster than a 0.7 percent increase in the prior period. The ANZ Business Outlook Survey has also pointed to a steady improvement in confidence for the past two months - albeit from low levels. We expect that the RBNZ will drop the OCR 50bps in April next year, but risks around this outlook are looking more balanced, rather than firmly to the downside. Early indicators such as the number of daily arrivals of non-New Zealand passport holders have fallen to near zero as New Zealand closed its borders to limit the spread of COVID-19 (Figure 8). Update your browser to view this website correctly. The Treasury's economic forecasts were finalised on 17 April and incorporate only $35 billion of discretionary fiscal support, compared to the full $62.1 billion of COVID-19 fiscal support included in the fiscal forecasts, which were finalised on 23 April. WELLINGTON, Sept 17 — New Zealand fell into its deepest economic slump on record in the second quarter as its battle against the coronavirus pandemic paralysed business activity, official data showed today. It was the second consecutive quarterly contraction and the sharpest on record, officially entering recession amid the coronavirus crisis. Should we fear the coming zombie company apocalypse?

Wages are expected to grow faster than inflation in every year of the forecast period, averaging around 3.5 per cent per year, helping New Zealanders with the cost of living. Also, agriculture, forestry & fishing shrank 0.2 percent, after expanding 2.4 percent in Q3. The economy grew at 2.4 per cent in the year to June 2019.

The Coalition Government acted swiftly to contain the virus and cushion the economic blow to New Zealanders.

The outlook was looking a bit more positive for the Reserve Bank than was includedin the August MPS forecasts, Zollner said. 1987-2020 Data | 2021-2022 Forecast | Calendar.

Economic Forecasts. Economists say the GDP data will have little impact on the central bank’s policy, which is expected to hold interest rates at a record low of 0.25 per cent at its meeting on September 23. Board Discussions on New Zealand. The Treasury has published a number of research and policy publications on forecasting issues - some of which are below.

The Gross Domestic Product (GDP) in New Zealand was worth 206.93 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. In the past year the unemployment rate was the lowest in a decade, and growth in annual hourly earnings was the highest it has been in a decade. Unemployment was at historically low levels and inflation was within the target range. When is a two-stage BBC process required? Table 2 - Summary of the Treasury's economic forecasts, Update your browser to view this website correctly. Economic Forecasts. Annual real GDP growth is forecast to become positive from the year ending June 2022 (Figure 9). Calendar Forecast … This is driven by the important public health steps required to save lives by stamping out COVID-19, the total stop in international tourism activity, the reduction in global demand and lower business and consumer confidence.

However, New Zealand is a small, open economy and is experiencing the impacts of global headwinds like the US-China trade war, uncertainty around Brexit and geopolitical tensions in places like the Middle East and Hong Kong. However, the impact on parts of the domestic economy has already been severe. Growth has been hit by a standstill in economic activity as a strict nationwide coronavirus lockdown in April and parts of May forced almost everyone to stay at home and businesses to shut. The Treasury has published a number of research and policy publications on forecasting issues - some of which are below.

Source: IMF World Economic Outlook (April 2020). New Zealand - Economic Forecasts - 2020-2022 Outlook. Unemployment is forecast to increase significantly, peaking at 9.8 per cent in the September 2020 quarter before recovering thereafter (Figure 10). Services are the biggest sector of the economy and account for 75 percent of total GDP including: finance, insurance and business services (30 percent); personal and community services (13 percent), and transport and communication (11 percent). New Zealand's economic outlook brighter, but still terrible - NZ Herald Election 2020: Prefu - Covid-19 impact on NZ economy not as bad as feared but 'profound uncertainty' The economy is in good shape to counter these headwinds. The economy is in a strong position to handle this, with low Government debt and a strong pipeline of investments planned in infrastructure.

GDP Growth Rate in New Zealand averaged 0.63 percent from 1987 until 2020, reaching an all time high of 2.80 percent in the third quarter of 1999 and a record low of -2.40 percent in the first quarter of 1991. In the same vein, economists have learned … With the outbreak of COVID-19 almost all advanced countries are facing a public health and economic challenge.

Agriculture, fishing, forestry and mining accounts for the remaining 8 percent.

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