Gross Domestic Product (GDP)

Why is this important?

Gross Domestic Product (GDP) is New Zealand’s official measure of economic growth, calculating the value added from all economic activity.  Production of goods and services nationally is measured against purchases and exports of goods and services (with deductions for imports), to derive the final figure.

Key points

• Gross Domestic Product (GDP) remains at a high level in Christchurch and Canterbury, and continues to grow, albeit at a modest rate compared to recent highs.
• Estimates from Infometrics indicate that economic output in Christchurch grew by 2.0 percent in the year to December 2018, reaching $21.3 billion. Canterbury grew by 2.3 percent, reaching $31.3 billion. The national economy is strong, growing 2.7 percent over the same period.

Note this is an interactive chart and you can click on the legend items to change what is shown on the graph.

Commentary 

For the year to December 2018, the value of economic output in Christchurch represents 8.6 percent of New Zealand GDP, down slightly from the year to December 2017. Output from Canterbury overall reached 12.7 percent of national output, unchanged from the previous year.

The preceding period of strong growth (2012-2015) was largely due to the rebuild. Construction activity has now tapered off. Economic activity remains at a high level, but growth rates continue to slow.

Note: this information is adapted from the Christchurch and Canterbury Economic Report (December 2018 quarter). Reproduced with permission.