NZD macro coverage

New Zealand Economic Indicators

New Zealand dollar — high-beta commodity currency tied to dairy, agriculture, and global risk.

The New Zealand dollar (NZD), nicknamed the 'kiwi', is the official currency of New Zealand and several Pacific dependencies. It is one of the smaller G10 currencies but is among the most traded thanks to its role as a high-yielding commodity proxy.

Open Central Bank Policy Rate NZD currency profile Developer docs

New Zealand macro brief

The highest-signal pages for New Zealand include Central Bank Policy Rate, Inflation Rate (CPI/HICP), Core Inflation, Gross Domestic Product (GDP) Growth, with each page linking back to the source metadata, release history, and API endpoint.

The Reserve Bank of New Zealand (RBNZ) Monetary Policy Committee sets the Official Cash Rate (OCR) seven times per year. The RBNZ has a 1–3% CPI inflation target with a midpoint of 2%, and four of its decisions each year are accompanied by a Monetary Policy Statement.

The pages below are organized by indicator rather than API route. That keeps the public website useful for research while still preserving direct links into the versioned API documentation for developers.

What to watch
  • RBNZ OCR decision and Monetary Policy Statement.
  • Quarterly CPI from Stats NZ.
  • Monthly Stats NZ dairy export values and GDT dairy auctions.
  • Quarterly Household Labour Force Survey.
  • China activity and AUD/NZD cross.

Key New Zealand indicators

The highest-signal country pages for rates, inflation, growth, labour markets, and external balances.

Central Bank Policy Rate

Primary interest rate set by the Central Bank.

~7x/year % Monetary Policy
Open page API docs

Inflation Rate (CPI/HICP)

Headline inflation: the year-over-year percentage change in the Consumer Price Index (CPI), the standard measure central banks target.

Quarterly %YoY Economy
Open page API docs

Core Inflation

CPI excluding volatile items like food and energy.

Quarterly %YoY Economy
Open page API docs

Gross Domestic Product (GDP) Growth

GDP growth: the quarterly change in the inflation-adjusted value of all goods and services produced in the economy.

Quarterly NZD bn Economy
Open page API docs

Unemployment Rate

Percentage of the labor force that is unemployed.

Quarterly % Labor Market
Open page API docs

Trade Balance

The difference between the value of a country's exports and imports.

Monthly NZD mn Economy
Open page API docs

Producer Price Index (PPI)

Measures the average change over time in the selling prices received by domestic producers for their output.

Quarterly %YoY Economy
Open page API docs

Current Account Balance

Measures trade in goods and services and income flows.

Quarterly NZD mn Economy
Open page API docs

All New Zealand indicator pages

Filter by indicator name, source, cadence, or category.

Economy 8 pages

Current Account Balance

Measures trade in goods and services and income flows.

Quarterly NZD mn History from 2015-03-31 (11.2 years)
Country page Country list API docs

Dairy Exports

Monthly New Zealand dairy export value from official Stats NZ overseas merchandise trade HS10 export data.

Monthly NZD mn History from 2015-01-31 (11.4 years)
Country page Country list API docs

Gross Domestic Product (GDP) Growth

GDP growth: the quarterly change in the inflation-adjusted value of all goods and services produced in the economy.

Quarterly NZD bn History from 2000-03-31 (26.2 years)
Country page Country list API docs

Inflation Rate (CPI/HICP)

Headline inflation: the year-over-year percentage change in the Consumer Price Index (CPI), the standard measure central banks target.

Quarterly %YoY History from 2015-03-31 (11.2 years)
Country page Country list API docs

Producer Price Index (PPI)

Measures the average change over time in the selling prices received by domestic producers for their output.

Quarterly %YoY History from 2015-03-31 (11.2 years)
Country page Country list API docs

Trade Balance

The difference between the value of a country's exports and imports.

Monthly NZD mn History from 2000-03-31 (26.2 years)
Country page Country list API docs

Trade-Weighted Index (NEER)

Nominal Effective Exchange Rate (NEER) measuring the value of a currency relative to a basket of trading partners' currencies, weighted by trade volumes. Published monthly by the BIS.

Monthly Index (2020=100) History from 2015-01-31 (11.4 years)
Country page Country list API docs
Labor Market 5 pages

Labor Force Participation Rate

Ratio of the labor force to the working-age population.

Quarterly % History from 2000-03-31 (26.2 years)
Country page Country list API docs
Money & Credit 8 pages

Total Domestic Credit

Net credit to central government + private sector credit. RBNZ column C+D.

Monthly NZD mn History from 2016-12-31 (9.5 years)
Country page Country list API docs

Narrow Money (M1)

Currency in circulation + transaction deposits. RBNZ column A.

Monthly NZD mn History from 2016-12-31 (9.5 years)
Country page Country list API docs

M2 Money Supply

M1 + savings deposits (on-call). RBNZ derived: column A + B1.

Monthly NZD mn History from 2016-12-31 (9.5 years)
Country page Country list API docs

Broad Money (M3)

M1 + savings + term deposits. RBNZ column A+B (broadest aggregate).

Monthly NZD mn History from 2016-12-31 (9.5 years)
Country page Country list API docs

Currency in Circulation

Currency held by the public. M1 sub-component A1.

Monthly NZD mn History from 2016-12-31 (9.5 years)
Country page Country list API docs
Monetary Policy 2 pages
Government Bond Yields 5 pages
Interest Rates 1 pages

Overnight Deposit Rate

Overnight deposit rate at registered banks. RBNZ daily banking rates.

Monthly % History from 2018-01-03 (8.5 years)
Country page Country list API docs
Additional Indicators 4 pages

NZD market drivers

Evergreen macro forces to keep beside the country data table.

Driver 1

RBNZ Official Cash Rate and Monetary Policy Statement.

Driver 2

Official monthly dairy export values from Stats NZ and Global Dairy Trade (GDT) auction prices.

Driver 3

AU-NZ and US-NZ 2-year yield differentials.

Driver 4

China and Australia growth — New Zealand's biggest trading partners.

Driver 5

New Zealand CPI (quarterly) and labour-market data (HLFS).

Driver 6

Risk sentiment — NZD has high beta to global equity moves.

Explore other countries

Move laterally into another country hub while keeping the same indicator-first structure.

Argentina (ARS) Australia (AUD) Bolivia (BOB) Brazil (BRL) Canada (CAD) Chile (CLP) China (CNY) Colombia (COP) Czechia (CZK) Denmark (DKK) Eurozone (EUR) Hong Kong (HKD) Hungary (HUF) Iceland (ISK) India (INR) Indonesia (IDR)