New Zealand Economic Indicators: Investor Reference

Who publishes New Zealand's economic data?

Stats NZ publishes nearly all the data. Quarterly: the Consumers price index (CPI), labour market statistics (the Household Labour Force Survey, Labour cost index and Quarterly Employment Survey), Gross domestic product and the Retail trade survey. Monthly: Overseas merchandise trade, International migration and Selected price indexes, which give monthly price changes for a selection of goods and services. Each release page names the date of the next release. The Reserve Bank of New Zealand sets the Official Cash Rate.

New Zealand indicators at a glance

Indicator	What it measures	Published by	Frequency
New Zealand CPI	consumer price inflation in New Zealand	Stats NZ	Quarterly
New Zealand Employment	quarterly change in the number of people employed in New Zealand	Stats NZ	Quarterly
New Zealand GDP	the inflation-adjusted output of the New Zealand economy	Stats NZ	Quarterly
New Zealand Net Migration	the net inflow of people into New Zealand	Stats NZ	Monthly
New Zealand Retail Sales	the volume of retail sales in New Zealand	Stats NZ	Quarterly
New Zealand Trade Balance	the gap between New Zealand's merchandise exports and imports	Stats NZ	Monthly
New Zealand Unemployment	the share of New Zealand's labour force without work and seeking it	Stats NZ	Quarterly
RBNZ Official Cash Rate	the main policy interest rate set by the Reserve Bank of New Zealand	Reserve Bank of New Zealand	Irregular

Each row comes from the same source file as the indicator page it links, so the publisher and frequency here match that page.

How does New Zealand's central bank set policy?

The Reserve Bank of New Zealand formulates monetary policy through its Monetary Policy Committee under the Reserve Bank of New Zealand Act 2021, and sets the Official Cash Rate. Since the 2023 amendment to the Act, its single economic objective is stability in the general level of prices over the medium term. The Minister of Finance issues the Committee's Remit under section 122 of the Act, and the current Remit took effect on 20 December 2023. Treasury advice in 2023 described the target as 1 to 3 percent over the medium term, with a focus on the 2 percent midpoint. Some Official Cash Rate decisions are accompanied by a Monetary Policy Statement.

What is different about New Zealand's data?

• Stats NZ splits CPI into tradeables (final goods and services influenced by foreign markets) and non-tradeables (those facing no foreign competition), calling the latter an indicator of domestic demand and supply conditions. They can diverge: in its March 2022 to March 2026 chart, tradeables annual inflation was negative in two quarters while non-tradeables stayed at or above 3.5 percent.
• The unemployment rate comes from the quarterly Household Labour Force Survey. Stats NZ reports a seasonally adjusted headline rate and a broader underutilisation rate, which it calls just as important as the unemployment rate. Breakdowns by ethnic group, age and region are not seasonally adjusted, so they are not directly comparable with the headline.
• Wage growth has more than one measure in the same release. The Labour cost index tracks salary and wage rates, while the Quarterly Employment Survey reports average hourly and weekly earnings. The two can show different annual growth rates for the same quarter, so check which series a headline refers to.
• GDP is reported in seasonally adjusted chain-volume terms, and the headline measure is directly seasonally adjusted. The previous quarter appears as "updated" in each new release, so the earlier growth rate can change. Production and expenditure measures can also differ in the same quarter.
• Migration estimates are provisional: Stats NZ revises them each month until they are finalised after 16 months, and the headline net figure carries a stated margin of error. A 12-month threshold classifies migrants from non-migrants, so short trips do not count as migration.

Which New Zealand releases should you read first?

Read the quarterly CPI first, since the Reserve Bank's price stability objective is measured against it and the tradeables and non-tradeables split shows where price pressure sits. Then the labour market statistics (unemployment, underutilisation and wage measures), and quarterly GDP for output. Monthly goods trade, migration and Selected price indexes fill the gaps between quarterly releases.

Frequently Asked Questions

How often does New Zealand release CPI inflation?

Stats NZ publishes the Consumers price index quarterly and reports both quarterly and annual percentage changes. Between releases it publishes monthly Selected price indexes, which cover only a selection of goods and services.

Who sets the Official Cash Rate in New Zealand?

The Reserve Bank of New Zealand's Monetary Policy Committee sets the Official Cash Rate under the Reserve Bank of New Zealand Act 2021. Since the 2023 amendment its single economic objective is price stability, with the Minister of Finance issuing a Remit.

What is the difference between tradeables and non-tradeables inflation in New Zealand?

Tradeables inflation measures final goods and services influenced by foreign markets. Non-tradeables inflation measures those that do not face foreign competition, and Stats NZ describes it as an indicator of domestic demand and supply conditions.

References

• Stats NZ: Consumers price index: March 2026 quarter
• Stats NZ: Labour market statistics: June 2026 quarter
• New Zealand Gazette: Remit Issued for the Monetary Policy Committee of the Reserve Bank of New Zealand
• The Treasury (New Zealand): Cabinet Paper CAB-23-SUB-0488: Reserve Bank of New Zealand (Economic Objective) Amendment Bill: Approval for Introduction
• The Treasury (New Zealand): Treasury Report: The Reserve Bank's 2023 Monetary Policy Committee Remit Review