National population estimates

Working age population shrinking

17 Feb 2022

Our take on the latest National population estimates (Thu 17 Feb 2022)

Total NZ population estimate
5,127,200
As at December 2021
Population growth steady at 0.5%pa
Annual net migration -4,000

The key numbers...

  • New Zealand’s estimated resident population was sitting at 5,127,200 in December 2021, having grown by 0.5% during 2021. 
  • Revisions have turned annual net migration negative, with a net outflow of 4,000 people over the year to December 2021.
  • Natural increase is the only positive contributor to population growth, with a natural increase of 27,500 during 2021, a 3.8% lift from the previous year.
  • The working age population has continued to decline, falling for the third straight quarter. The resident population aged 15-64 is down 0.1% from the same quarter a year ago.

Estimate NZ resident population

Annual % change
4167

...and our reaction

  • International migration remains halted in New Zealand, with the closed borders stopping non-New Zealand citizens from entering the country. As a result, we have seen more New Zealand residents leave the country than enter.
  • The labour market in New Zealand is currently extremely tight, with the unemployment rate at a record low. The lack of immigration and the shrinking working age population are only adding fuel to the fire.
  • With New Zealand’s borders looking to reopen in the coming months, we could see some relief with an increased inflow of people into the country. However, downside risks exist of more New Zealand citizens heading overseas as the rest of the world opens up.