The New Zealand Activity Index (NZAC) was launched today to provide a more granular and timelier signal of movements in the New Zealand economy.
The new index is the result of collaboration between the Treasury, Statistics New Zealand and the Reserve Bank of New Zealand to provide further timely insight for government, policy makers, economists and the general public into the impacts of COVID-19 on New Zealand’s economy and how its recovery is tracking.
The NZAC summarises eight monthly indicators of economic activity, covering consumer spending, unemployment, job vacancies, traffic volumes, electricity generation, economic outlook and manufacturing expectations. As a weighted average of these underlying indicators, it provides a more comprehensive measure than each individual indicator by itself.
It is not an interim estimate of GDP.
The new NZAC Index will be published each month on the Treasury website, alongside its other economic commentary products, on the Economic Commentary page.
You can view the visualised timeseries and component data on the Statistics NZ COVID-19 data portal: under Economic, select Category > Activity; Indicator > New Zealand Activity Index (NZAC); and Series > New Zealand Activity Index (NZAC).
For further information, read our Media Release: New index shows activity down in April and May