New Zealand: Real effective exchange rate index (2010 = 100)

Key figures

What the numbers say

In 2025, New Zealand's real effective exchange rate index (2010 = 100) fell 4.4 on 2024 (from 106.54 to 102.13).

Across the 30 yearly changes before that (1995 to 2024), the average change was +0.62 and a typical year strayed about 5.87 from that (the standard deviation). This year's change was 0.9 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 12.68 in 1987 and the biggest yearly fall was 12.68 in 1998. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2016 to 2025 there is no clear straight-line trend: a straight line explains 1% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2025, New Zealand had the 51st highest value of the 91 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to New Zealand in the 2025 ranking

• Pakistan — 47th of 91: 102.94
• Morocco — 48th of 91: 102.62
• Gambia, The — 49th of 91: 102.44
• Bahrain — 51st of 91: 101.21
• Côte d'Ivoire — 52nd of 91: 100.9
• Nicaragua — 53rd of 91: 100.57

What this measures

Real effective exchange rate is the nominal effective exchange rate (a measure of the value of a currency against a weighted average of several foreign currencies) divided by a price deflator or index of costs. This indicator is an index series where 2010=100.

Limitations: Because of conceptual and data limitations, changes in real effective exchange rates should be interpreted with caution.

All 47 values

Real effective exchange rate index (2010 = 100) in nearby economies

• Australia — 89.97 (2025)
• China — 110.09 (2025)
• Fiji — 107.33 (2025)
• Hong Kong SAR, China — 125.88 (2021)
• Japan — 56.07 (2025)
• Korea, Rep. — 138.98 (2021)
• Malaysia — 85.43 (2025)
• Papua New Guinea — 116.1 (2025)
• Philippines — 112.49 (2025)
• Samoa — 115.71 (2025)

More financial sector data for New Zealand

• Consumer price index (2010 = 100) — 144.86 (2025)
• Inflation, consumer prices (annual % growth) — 2.84% (2025)
• GDP deflator (base year varies by country) — 125.11 (2025)
• DEC alternative conversion factor (LCU per US$) — US$1.7 (2025)
• Official exchange rate (LCU per US$, period average) — US$1.72 (2025)
• Inflation, GDP deflator (annual % growth) — 3.62% (2025)
• Domestic credit to private sector by banks (% of GDP) — 129.68% (2025)
• Net domestic credit (current LCU) — 640.25 billion (2025)
• Net foreign assets (current LCU) — -85.35 billion (2025)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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Questions people ask

What is New Zealand's real effective exchange rate index (2010 = 100)?

102.13 in 2025, according to the World Bank (World Development Indicators).

How has it changed since 1979?

It is up 19.78% from 85.27 in 1979 (0.39% a year on average, compounded). The highest value was 112.96 in 2014 and the lowest 75.6 in 2001.

How does New Zealand rank?

51st highest of 91 economies with data for 2025.

Is the latest change in real effective exchange rate index (2010 = 100) unusual for New Zealand?

In 2025, New Zealand's real effective exchange rate index (2010 = 100) fell 4.4 on 2024 (from 106.54 to 102.13). Across the 30 yearly changes before that (1995 to 2024), the average change was +0.62 and a typical year strayed about 5.87 from that (the standard deviation). This year's change was 0.9 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator PX.REX.REER, licensed CC BY 4.0. Original source: International Financial Statistics database, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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