Industrial production · New Zealand
New Zealand NZIER Capacity Utilization
The New Zealand NZIER Capacity Utilization measures the output of factories, mines and utilities in New Zealand (or of one industry).
- Importance
- Medium
- Released
- Quarterly
- Currency
- NZD · New Zealand dollar
- Central bank
- The Reserve Bank of New Zealand
Latest figures
The latest release for Q3, published on 5 October 2026, came in at 91%, up from 90.8% the time before.
Over the last 7 releases it ranged from 89% to 91%, averaging 90%.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 5 Oct 2026 | Q3 | 91% | – | 90.8% |
| 13 Jul 2026 | Q2 | 90.8% | – | 91.2% |
| 20 Apr 2026 | Q1 | 91.2% | – | 89.8% |
| 12 Jan 2026 | Q4 | 89.8% | – | 89.1% |
| 6 Oct 2025 | Q3 | 89.1% | – | 89.4% |
| 30 Jun 2025 | Q2 | 89.4% | – | 90.5% |
| 7 Apr 2025 | Q1 | 90.5% | – | 91.3% |
Why it matters
Industry is a smaller share of output than services in most rich economies but it is far more cyclical and reacts first to global demand. Strong production supports growth estimates; capacity utilisation near its limits points to inflation pressure.
How it is calculated
Stats NZ combines physical output and deflated sales data for many industries into a volume index, adjusted for working days and seasons. Capacity utilisation divides output by estimated maximum output.
Change (mom) = index ÷ last month's index − 1
Capacity utilisation = output ÷ capacity × 100What changes mean
- Monthly changes are noisy (weather, holidays, strikes); compare with the year-on-year rate.
- In Germany, Japan, Korea and China industry carries more weight for the currency.
Higher than expected: A stronger figure than expected points to a healthier economy: it usually supports the New Zealand dollar and local stocks, and can push bond yields up.
Lower than expected: A weaker figure than expected points to slowing activity: the New Zealand dollar tends to soften and markets price in lower rates.
A short history
The US Federal Reserve has published its industrial production index since 1919; it is one of the series used to date US business cycles.
New Zealand was the first country to adopt formal inflation targeting, in 1990.
Questions
What is the New Zealand NZIER Capacity Utilization?
The New Zealand NZIER Capacity Utilization measures the output of factories, mines and utilities in New Zealand (or of one industry).
What was the latest New Zealand NZIER Capacity Utilization?
91% for Q3, published on 5 October 2026.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.