Overview of national economy and highlights for Auckland

Overview of national economy

The New Zealand economy continues to perform well, but concerns are growing about the future, with a long, slow, slowdown expected over the next few years. The Reserve Bank’s aggressive cut to the official cash rate (OCR) to 1.00% reflects a deteriorating economic outlook as both business and government investment remains poor, inflation remains low, and the employment outlook softens. With slowing population growth expected to eventuate before the end of the year, the focus turns to consumer spending and whether it can prop up economic growth, or if it too succumbs to global and domestic uncertainty.

Highlights for Auckland

• GDP (provisional) in Auckland was up 2.8% for the year to June 2019 compared to a year earlier. Growth was higher than in New Zealand (2.5%).

• GDP (provisional) was $95,091 million in Auckland for the year to June 2019 (2010 prices).

• Annual GDP growth in Auckland peaked at 5.2% in the year to September 2016.