New Zealand's economy, in plain language.
Independent data on prices, fuel, rent and interest rates. No spin, no jargon, and no figure is ever shown as real unless it actually is.
New Zealand economic snapshot
Latest available value for each indicator, with its source and the date it's actually from.
Is the economy actually growing?
Real GDP - the total value of everything New Zealand produces, adjusted for inflation - verified quarterly back to 1987, not a sample placeholder. This chart shows year-on-year growth, recalculated by this site from Stats NZ's raw series each time new data arrives.
Annual GDP growth, 1990–present
Year-on-year percentage change in real (chain volume, seasonally adjusted) GDP.
Above zero means the economy grew over the past year; below zero means it shrank. Two consecutive quarters of decline is the common definition of a recession. The two marked events are the biggest shocks in this chart's history: both triggered real, multi-quarter contractions, not just slower growth.
The economy grew 2.6% over the past year, above the 1988-present average of 2.5%.
Steady, moderate growth is best - not the highest possible number. Growth that's too fast tends to fuel inflation and asset bubbles; outright shrinkage means falling incomes and rising unemployment. What matters most is avoiding sharp swings in either direction.
Real GDP level, 1990–present
The size of the economy each quarter - chain volume (inflation-adjusted), seasonally adjusted, in NZD billions.
This is the actual size of the economy each quarter, not the pace of change - a rising line means the economy is bigger than before, in real (inflation-adjusted) terms. The growth-rate chart above shows how fast that's happening; this one shows the level itself, including how sharply the COVID-19 quarter cut into real output before it recovered.
Real GDP is now $71.8b a quarter, up +157.0% in real terms since the start of 1990 (then $27.9b).
A steadily rising line is the healthy pattern. Sharp drops, like the COVID-19 quarter, represent a real contraction in what the country actually produces, not just slower growth. There's no 'right' size for the economy - only whether it keeps growing sustainably over time.
Fetched directly from Stats NZ's published National Accounts release, revalidated on every ingestion run, and never silently overwritten - a revision to history is logged, not lost. See methodology for the full pipeline.
A real, verified 110-year price history
The Consumer Price Index is this site's deepest verified series - real Stats NZ data back to 1914, not a sample placeholder. This chart shows annual inflation, recalculated by this site from the raw index each time new data arrives.
Annual inflation (CPI), 1990–present
Year-on-year percentage change in the Consumers Price Index, all groups.
Above zero means prices rose over the past year; below zero means they fell. The Reserve Bank targets 1–3%; sustained readings above that band are usually followed by higher interest rates. The two marked events are the biggest shocks in this chart's history: the Global Financial Crisis pulled inflation down, while COVID-19 pushed it sharply up.
Annual inflation is currently 3.7%, below the 1918-present average of 4.6%.
Neither higher nor lower is simply 'better' here. The Reserve Bank's legislated target is 1–3% annual inflation, aiming for the midpoint over time. Below zero (deflation) is considered just as harmful as high inflation, since it discourages spending and investment.
Fetched directly from Stats NZ's published CPI series, revalidated on every ingestion run, and never silently overwritten - a revision to history is logged, not lost. See methodology for the full pipeline.
Explore the data
Inflation & cost of living
CPI, food prices, electricity: what $100 buys now.
Open page →Wages & real incomes
Wage growth vs inflation, and the minimum wage story.
Open page →Housing affordability
House prices vs incomes, mortgage burdens, rents.
Open page →Fuel prices
Pump prices vs crude oil, and the exchange-rate effect.
Open page →Interest rates
The OCR, mortgage rates, and what they mean for budgets.
Open page →About & methodology
Sources, methodology, and how charts are built.
Open page →Why this site exists
Economic statistics are public, but they are not always easy to read. The Real Economy exists to make New Zealand’s core numbers understandable, comparable and honest: dated when it is updated, and linked to the original source every time.
Every figure on this page is real: inflation, fuel prices and median rent are fetched directly from official sources, and the Official Cash Rate is verified through a manually-entered, audited fallback while automated RBNZ access is pending. Nothing here is a placeholder.