Latest data to Oct 2026
How's the New Zealand economy?
Mixed.
Some things are going well and others aren't. How it feels depends on whether you rent, own, borrow or save.
- Going well: Rents
- Holding up: Inflation, Interest rates, Growth
- Struggling: Jobs, Pay after prices
Other countries
The 6 things behind the verdict
How's inflation?
OKPrices are rising 3.7% a year, just outside the Reserve Bank's 1 to 3% target band.
How are jobs?
BadUnemployment is 5.7%, above its 20-year average of 4.9%. Jobs are harder to find than usual.
Is pay keeping up?
BadPrices are rising faster than pay (-1.6% a year), so most workers are going backwards.
How are rents?
GoodRents are rising 0.2% a year, a gentle pace.
How are interest rates?
OKThe official cash rate is 2.75%. Borrowers are paying more than a few years ago, and savers are earning more.
Is the economy growing?
OKOutput per person grew 1.1% over the year. Growing, but only just once you count each person.
The verdict over time
The verdict has been Mixed since Sep 2024. Since Dec 1993, it has been Strong 25% of the time, Mixed 68% and Weak 7%.
Show what drove it: the 6 measures
- Good
- OK
- Bad
- No data yet
- Good
- OK
- Bad
- No data yet
- Good
- OK
- Bad
- No data yet
See the verdict year by year
| Year | Overall | Inflation | Jobs | Pay after prices | Rents | Interest rates | Growth |
|---|---|---|---|---|---|---|---|
| Oct 2026 | Mixed | OK | Bad | Bad | Good | OK | OK |
| 2025 | Mixed | OK | OK | Bad | Good | Good | Bad |
| 2024 | Mixed | Good | Bad | Good | OK | Bad | Bad |
| 2023 | Weak | Bad | Good | Bad | OK | Bad | OK |
| 2022 | Mixed | Bad | Good | Bad | OK | Bad | Good |
| 2021 | Mixed | Bad | Good | Bad | OK | Good | Good |
| 2020 | Mixed | Good | OK | OK | Good | Good | Bad |
| 2019 | Strong | Good | Good | OK | OK | Good | OK |
| 2018 | Strong | Good | Good | OK | Good | Good | Good |
| 2017 | Strong | Good | Good | OK | Good | Good | OK |
| 2016 | Strong | Good | OK | OK | Good | Good | Good |
| 2015 | Strong | Bad | Good | Good | Good | OK | Good |
| 2014 | Strong | OK | OK | Good | Good | OK | Good |
| 2013 | Mixed | Good | OK | OK | Good | OK | OK |
| 2012 | Mixed | OK | OK | OK | Good | OK | Good |
| 2011 | Mixed | Good | OK | OK | Good | OK | OK |
| 2010 | Mixed | Bad | OK | Bad | Good | OK | OK |
| 2009 | Mixed | Good | Bad | OK | Good | OK | Bad |
| 2008 | Weak | OK | Bad | Bad | OK | Bad | Bad |
| 2007 | Mixed | OK | Good | OK | Good | Bad | Good |
| 2006 | Strong | Good | Good | OK | Good | Bad | Good |
| 2005 | Mixed | OK | – | Bad | Good | Bad | Good |
| 2004 | Mixed | Good | – | Bad | Good | Bad | Good |
| 2003 | Mixed | Good | – | OK | OK | Bad | Good |
| 2002 | Mixed | Good | – | Bad | Good | Bad | Good |
| 2001 | Mixed | Good | – | OK | Good | Bad | Good |
| 2000 | Mixed | Bad | – | Bad | Good | Bad | Good |
| 1999 | Mixed | OK | – | OK | – | Bad | Good |
| 1998 | Mixed | Bad | – | Good | – | OK | Bad |
| 1997 | Mixed | OK | – | Good | – | Bad | OK |
| 1996 | Mixed | Good | – | Bad | – | Bad | Good |
| 1995 | Mixed | Good | – | Bad | – | Bad | Good |
| 1994 | Mixed | Good | – | Bad | – | Bad | Good |
| 1993 | Mixed | Good | – | Bad | – | Bad | Good |
The longer stretches
Every run of Strong or Weak lasting 6 months or more, most recent first. The rest of the time the verdict was Mixed or changing month to month.
- WeakSep 2023 to Aug 2024 · 12 months
- StrongDec 2015 to May 2020 · 54 months
- StrongMar 2014 to Feb 2015 · 12 months
- StrongJun 2013 to Nov 2013 · 6 months
- StrongMar 2012 to Nov 2012 · 9 months
- WeakJun 2008 to Feb 2009 · 9 months · GFC
- StrongJun 2007 to Nov 2007 · 6 months
- StrongJun 1997 to Nov 1997 · 6 months
- WeakMar 1995 to Aug 1995 · 6 months
Every month is judged by today's rules, using today's figures. Those include later revisions, so this shows how each month looks now, not what was known at the time. Some measures start later: jobs from Mar 2006 and rents from Jun 2000. Until then the verdict uses the measures that exist. More on the method