Fig 1 — Real Gross Domestic Product — since 1990 — NZ, Australia & USA
Following the 1998 "Asian crisis" New Zealand’s Gross Domestic Product ("GDP") recovered strongly. Annual GDP growth from 2001 through to 2004 (on average) exceeded that of its major trading partners, partly as a result of strong net inward migration and associated population growth.
The recent global recession, and the associated financial crisis in many countries, had a significant adverse effect on global economic activity. Most of New Zealand’s trading partners experienced contractions in GDP between 2008 and 2009. Of the countries shown in the charts, Australia was the only economy not to experience negative GDP growth on an annual basis. The contractions experienced by the US, UK and Japan over this period were more severe than that experienced by New Zealand.