The New Zealand activity index is up 2.3 percent on February 2023. The activity outlook, grid demand, and heavy and light traffic movements recorded increases. Activity indicators fell for electronic card transactions, the performance of manufacturing index, and job advertisements together with a lift in jobseeker numbers.
| Month | NZAC annual percentage change |
| Sep-03 | |
| Oct-03 | 3.975112689 |
| Nov-03 | 3.051178811 |
| Dec-03 | 4.575068133 |
| Jan-04 | 4.097536577 |
| Feb-04 | 4.18603679 |
| Mar-04 | 5.758351753 |
| Apr-04 | 6.279724047 |
| May-04 | 5.699633851 |
| Jun-04 | 6.806364802 |
| Jul-04 | 5.190301036 |
| Aug-04 | 5.716835071 |
| Sep-04 | 5.348921234 |
| Oct-04 | 4.112662067 |
| Nov-04 | 5.919993141 |
| Dec-04 | 4.108502135 |
| Jan-05 | 4.199148088 |
| Feb-05 | 5.071567062 |
| Mar-05 | 3.695245186 |
| Apr-05 | 3.107989217 |
| May-05 | 3.498013461 |
| Jun-05 | 4.299007162 |
| Jul-05 | 2.937691131 |
| Aug-05 | 3.067669429 |
| Sep-05 | 2.908965905 |
| Oct-05 | 2.776963475 |
| Nov-05 | 2.440817991 |
| Dec-05 | 2.442116105 |
| Jan-06 | 2.604314589 |
| Feb-06 | 2.387746758 |
| Mar-06 | 3.234757215 |
| Apr-06 | 2.10185052 |
| May-06 | 3.609260303 |
| Jun-06 | 2.995282706 |
| Jul-06 | 3.116173926 |
| Aug-06 | 2.846715525 |
| Sep-06 | 2.319585608 |
| Oct-06 | 3.478891913 |
| Nov-06 | 3.211903194 |
| Dec-06 | 3.099186262 |
| Jan-07 | 3.513906024 |
| Feb-07 | 3.709916299 |
| Mar-07 | 3.81209657 |
| Apr-07 | 4.350208126 |
| May-07 | 3.322765129 |
| Jun-07 | 2.955476072 |
| Jul-07 | 3.610998112 |
| Aug-07 | 4.053454032 |
| Sep-07 | 3.901525773 |
| Oct-07 | 3.921491516 |
| Nov-07 | 4.25986539 |
| Dec-07 | 3.611823743 |
| Jan-08 | 3.685589424 |
| Feb-08 | 3.213128019 |
| Mar-08 | 1.515764857 |
| Apr-08 | 1.88360222 |
| May-08 | 1.636510466 |
| Jun-08 | -0.019925955 |
| Jul-08 | 0.552894469 |
| Aug-08 | 0.091251391 |
| Sep-08 | 0.584062178 |
| Oct-08 | -0.214790555 |
| Nov-08 | -2.250917168 |
| Dec-08 | -1.493589124 |
| Jan-09 | -1.98087013 |
| Feb-09 | -2.92290271 |
| Mar-09 | -2.354911029 |
| Apr-09 | -1.840355605 |
| May-09 | -1.647685583 |
| Jun-09 | -0.121289405 |
| Jul-09 | -0.143719949 |
| Aug-09 | -0.698562484 |
| Sep-09 | 0.388922447 |
| Oct-09 | 0.545194549 |
| Nov-09 | 1.349920994 |
| Dec-09 | 2.094083861 |
| Jan-10 | 1.892059734 |
| Feb-10 | 2.852528632 |
| Mar-10 | 3.909020205 |
| Apr-10 | 3.654273491 |
| May-10 | 2.516975733 |
| Jun-10 | 3.083278278 |
| Jul-10 | 2.867546969 |
| Aug-10 | 3.319377966 |
| Sep-10 | 2.843077102 |
| Oct-10 | 2.526253742 |
| Nov-10 | 3.420776325 |
| Dec-10 | 3.025374316 |
| Jan-11 | 2.741282576 |
| Feb-11 | 2.691028352 |
| Mar-11 | 1.558320733 |
| Apr-11 | 2.619558167 |
| May-11 | 2.826593125 |
| Jun-11 | 2.487760395 |
| Jul-11 | 2.592225253 |
| Aug-11 | 3.301934551 |
| Sep-11 | 2.84496828 |
| Oct-11 | 1.741188352 |
| Nov-11 | 1.719464393 |
| Dec-11 | 1.946885248 |
| Jan-12 | 2.239950152 |
| Feb-12 | 2.801697516 |
| Mar-12 | 2.279256184 |
| Apr-12 | 1.734202515 |
| May-12 | 3.225724994 |
| Jun-12 | 2.428696798 |
| Jul-12 | 1.887792319 |
| Aug-12 | 1.44531735 |
| Sep-12 | 1.310464506 |
| Oct-12 | 2.392521523 |
| Nov-12 | 2.424980875 |
| Dec-12 | 2.091539776 |
| Jan-13 | 2.917197149 |
| Feb-13 | 2.518793407 |
| Mar-13 | 2.579884296 |
| Apr-13 | 2.537509267 |
| May-13 | 2.781676104 |
| Jun-13 | 2.600811937 |
| Jul-13 | 3.59855701 |
| Aug-13 | 2.943894561 |
| Sep-13 | 3.171976377 |
| Oct-13 | 3.093625136 |
| Nov-13 | 3.331437157 |
| Dec-13 | 3.392114964 |
| Jan-14 | 3.697336039 |
| Feb-14 | 3.778664393 |
| Mar-14 | 3.677831377 |
| Apr-14 | 3.745172061 |
| May-14 | 3.309849091 |
| Jun-14 | 2.836977043 |
| Jul-14 | 3.315590731 |
| Aug-14 | 3.620035699 |
| Sep-14 | 3.527073901 |
| Oct-14 | 4.002241376 |
| Nov-14 | 3.318521987 |
| Dec-14 | 3.658860454 |
| Jan-15 | 3.193015867 |
| Feb-15 | 3.329286339 |
| Mar-15 | 3.536072 |
| Apr-15 | 2.85227411 |
| May-15 | 2.597177331 |
| Jun-15 | 3.446651474 |
| Jul-15 | 3.046855057 |
| Aug-15 | 2.698806744 |
| Sep-15 | 3.030518975 |
| Oct-15 | 2.457825252 |
| Nov-15 | 2.995686113 |
| Dec-15 | 3.459536598 |
| Jan-16 | 2.777398657 |
| Feb-16 | 3.236692721 |
| Mar-16 | 3.182978989 |
| Apr-16 | 3.213974738 |
| May-16 | 2.792155379 |
| Jun-16 | 3.00555273 |
| Jul-16 | 2.566223734 |
| Aug-16 | 3.296343336 |
| Sep-16 | 2.952741711 |
| Oct-16 | 2.325756035 |
| Nov-16 | 2.345249307 |
| Dec-16 | 2.45557225 |
| Jan-17 | 2.98282195 |
| Feb-17 | 3.250373981 |
| Mar-17 | 3.589794357 |
| Apr-17 | 3.247021643 |
| May-17 | 4.56692144 |
| Jun-17 | 3.690323005 |
| Jul-17 | 3.565135729 |
| Aug-17 | 3.269401014 |
| Sep-17 | 3.205397655 |
| Oct-17 | 3.30471276 |
| Nov-17 | 3.595319827 |
| Dec-17 | 2.747359342 |
| Jan-18 | 2.914225461 |
| Feb-18 | 2.1481687 |
| Mar-18 | 2.457897412 |
| Apr-18 | 3.275503645 |
| May-18 | 2.504896335 |
| Jun-18 | 2.540068154 |
| Jul-18 | 2.190668864 |
| Aug-18 | 2.251562257 |
| Sep-18 | 2.26977087 |
| Oct-18 | 2.558452634 |
| Nov-18 | 1.475747016 |
| Dec-18 | 1.305949722 |
| Jan-19 | 2.263990786 |
| Feb-19 | 2.891112792 |
| Mar-19 | 2.144075509 |
| Apr-19 | 1.996083905 |
| May-19 | 1.452833939 |
| Jun-19 | 1.083663627 |
| Jul-19 | 1.016739395 |
| Aug-19 | 1.263106653 |
| Sep-19 | 1.305129441 |
| Oct-19 | 1.627407636 |
| Nov-19 | 1.846541824 |
| Dec-19 | 2.333617506 |
| Jan-20 | 1.609462519 |
| Feb-20 | 2.107088881 |
| Mar-20 | -2.526539119 |
| Apr-20 | -13.4403628 |
| May-20 | -3.497482521 |
| Jun-20 | 0.64171199 |
| Jul-20 | 1.80578213 |
| Aug-20 | -0.868304446 |
| Sep-20 | 1.414799313 |
| Oct-20 | 1.349560524 |
| Nov-20 | 1.447294822 |
| Dec-20 | 1.627283877 |
| Jan-21 | 1.15222863 |
| Feb-21 | 0.917076634 |
| Mar-21 | 5.939958581 |
| Apr-21 | 33.55864302 |
| May-21 | 8.721973173 |
| Jun-21 | 5.170883232 |
| Jul-21 | 4.637003747 |
| Aug-21 | -0.728239541 |
| Sep-21 | 0.063141778 |
| Oct-21 | 0.93311588 |
| Nov-21 | 2.111596073 |
| Dec-21 | 2.276292744 |
| Jan-22 | 2.448848509 |
| Feb-22 | 1.692688608 |
| Mar-22 | 1.44249156 |
| Apr-22 | 0.917472287 |
| May-22 | 1.089684436 |
| Jun-22 | 0.680590771 |
| Jul-22 | 0.551960829 |
| Aug-22 | 6.455780968 |
| Sep-22 | 4.77504838 |
| Oct-22 | 3.530400663 |
| Nov-22 | 1.231071433 |
| Dec-22 | 0.525543863 |
| Jan-23 | 0.918530699 |
| Feb-23 | 1.407866865 |
| Mar-23 | 1.446709353 |
| Apr-23 | 0.890349588 |
| May-23 | 0.863169997 |
| Jun-23 | 1.021894539 |
| Jul-23 | 0.486803825 |
| Aug-23 | 1.316093854 |
| Sep-23 | 0.052611884 |
| Oct-23 | 0.174654994 |
| Nov-23 | 1.036361756 |
| Dec-23 | 0.992782586 |
| Jan-24 | 1.485389805 |
| Feb-24 | 2.303660906 |
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- category: activity
- indicator: New Zealand Activity Index (NZAC)
- series: New Zealand Activity Index (NZAC).
What is measured
NZAC summarises several monthly indicators, including spending, unemployment, job vacancies, traffic volumes, electricity generation, business outlook, and manufacturing activity.
Why it is important
NZAC is a broad measure of economic activity. It provides government policymakers, markets, and the general public with a more timely and frequent indicator of economic activity, which complements a more definitive measure, such as GDP (gross domestic product).
Where this data comes from
Source/series (monthly) |
Timeliness |
ANZ activity outlook |
~ -3 days |
Ministry of Social Development jobseeker numbers (work ready) |
~ 7 days |
ANZ truckometer - light traffic |
~ 11 days |
ANZ truckometer - heavy traffic |
~ 11 days |
Stats NZ electronic card transactions (ECT) |
~ 12 days |
Electricity Authority electricity generation (hydro + thermal) |
~ 14 days |
SEEK new job listings |
~ 14 days |
BNZ/BusinessNZ Performance of Manufacturing Index (PMI) |
~ 14 days |
Definitions and metadata
New Zealand activity index (NZAC): Technical note explains the methodology used to construct the NZAC index, lists data sources, and explains the relationship between the index and GDP.
New Zealand activity index (NZAC): Q&A note provides answers from the Treasury about how to interpret the NZAC index and other background questions.
