New Zealand: in August 2023 the Reserve Bank of New Zealand expected GDP growth of 1.6% for 2024; the outcome was −1.6%
Forecasts of 25 releases (2018–2024) for the next year: the outcome above the forecast 5 times, below 20; typical error −0.90 percentage points. The largest under-forecast in November 2022: −0.4% expected for 2023, the outcome was 1.5%. The largest over-forecast in August 2023: 1.6% expected for 2024, the outcome was −1.6%.
Source: Central banks: published forecasts; actual: official statisticsOpen on the chart →