Wellington City Quarterly economic monitor - December 2018

Gross domestic product (provisional)

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Highlights for Wellington City

  • GDP (provisional) in Wellington City was up 2.2% for the year to December 2018 compared to a year earlier. Growth was lower than in New Zealand (2.8%).
  • GDP (provisional) was $21,692 million in Wellington City for the year to December 2018 (2010 prices).
  • Annual GDP growth in Wellington City peaked at 4.6% in the year to December 2016.

National overview

Infometrics provisionally estimates that the New Zealand economy expanded by 2.7% in 2018. Economic activity has slipped below the 3%pa+ levels that have prevailed over much of the past five years. Key detractors have been lower business investment, weaker construction and slower population growth. Nevertheless, export returns to date have remained relatively strong. We anticipate that economic activity will hold close to current levels in 2019, but remain wary of the US-China trade war, more cautious Chinese consumers, and the flow-on effects from Australia’s struggling housing market.