New Zealand economy grows as GDP rises 0.8 percent in March quarter
According to data released today by Stats NZ, the New Zealand economy grew 0.8 percent in the first quarter of 2026, the third consecutive positive quarter. RNZ Business analysis cites agriculture, tourism and construction as the main drivers. The data could shape the RBNZ monetary-policy decision next month.
According to the detailed table from Stats NZ, the agriculture sector grew 1.6 percent, tourism 2.1 percent and construction 1.3 percent. Services contributed 0.5 percent of growth; manufacturing shrank 0.2 percent.
RBNZ Governor Adrian Orr said in May that a rate cut could be considered "if data support it." Following today's release, swap markets reduced the probability of a 25-basis-point cut in July from 65 percent to 40 percent. The New Zealand dollar rose to 1.06 against the Australian dollar.
According to RNZ Business, independent economists in Auckland said growth had been sustained despite global supply pressures from the Iran conflict, demonstrating "the surprising resilience of the NZ economy." They cautioned that any lasting momentum read would be premature until the labour-market release in early July.
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