New Zealand Economy
Key national economic indicators, compared with the United States
New Zealand’s economy at a glance
Consumer prices were up 2.5% from a year earlier as of Q1 2025, compared with 3.4% U.S. inflation. Real GDP grew 5.7% year over year in Q3 2023 (U.S.: 2.1% on the same basis).
The central bank’s policy rate stood at 4.33% as of December 2024, versus an effective federal funds rate of 3.63% in the U.S. The 10-year government bond yield was 4.71%, compared with 5.01% on 10-year U.S. Treasuries. The exchange rate was 0.5817 (USD per NZD), a 2.6% fall over the past year. Residential property prices were down 3.7% year over year as of Q1 2026.
New Zealand vs. the United States
| Indicator | New Zealand | As of | United States | As of |
|---|---|---|---|---|
| Inflation (CPI, YoY) | 2.5% | Jan 2025 | 3.4% | Aug 2026 |
| Real GDP growth (YoY) | 5.7% | Jul 2023 | 2.1% | Apr 2026 |
| Central bank policy rate | 4.33% | Dec 2024 | 3.63% | Aug 2026 |
| 10-year government bond yield | 4.71% | Aug 2026 | 5.01% | Sep 2026 |
Inflation (CPI)
Real GDP growth
Interest rates
Exchange rate
Home prices
Trade in goods
Consumer confidence
Comparing New Zealand with other economies
International statistics are compiled to common standards by the OECD, the IMF and the Bank for International Settlements, which makes cross-country comparison possible — but definitions still differ at the margins. Unemployment rates follow International Labour Organization guidelines, while inflation is measured with each country’s own consumer price index, which may weight housing, food and energy differently than the U.S. CPI. GDP growth on this page is year-over-year, so it is not directly comparable with the annualized quarterly rate usually quoted in U.S. news.
Exchange rates are shown as published by the Federal Reserve, so check the units: some currencies are quoted per U.S. dollar and others (such as the euro and British pound) in U.S. dollars per unit of the foreign currency. Policy rates are those set by each country’s central bank; for euro-area members such as Germany, France and Spain, the rate is set by the European Central Bank and is identical across the bloc.