National population estimates

Net migration practically zero

16 Nov 2021

Our take on the latest National population estimates (Tue 16 Nov 2021)

Total NZ population estimate
5,126,300
As at September 2021
Population growth slows to 0.5%pa
Annual net migration only 800

The key numbers...

  • New Zealand’s estimated resident population is currently sitting at 5,126,300 as of September 2021, up 0.5%pa from a year prior. 
  • Natural increase remains the key driver of almost all population growth, accounting for an increase in the population of 26,800 over the past year, compared to only 800 from migration. 
  • The population of those aged above 65 grew by 3.2%pa in September 2021, compared to 0.0% for the working age population.

Population growth by age

Annual % changes
4092

...and our reaction

  • The effects of the closed borders are becoming more apparent, especially with recent revisions to migration figures, bringing annual net migration to its lowest level since 2012.
  • Population growth is providing no relief for the labour market. With the unemployment rate currently at a record-equalling low, firms are struggling to find labour are and unable to look internationally for more workers. 
  • The recently announced 2021 Resident Visa is expected to keep migrant departure numbers incredibly low over the next 2-3 years.
  • However, any pick-up in population growth during 2022 is reliant on changes to MIQ or border restrictions, which could allow more expatriate Kiwis to return or enable foreign workers to start coming to New Zealand again.