NZ economy in record GDP rebound

New Zealand's economy rebounded in record fashion in the September quarter, growing 14 per cent.

Stats NZ said on Thursday the growth was the strongest quarter in New Zealand's modern history, coming off the back of an 11 per cent drop in the June quarter.

The economic U-turn was widely predicted given the timing of New Zealand's hard 51-day lockdown from March to May.

"We've managed to return to a pre-COVID level of activity," Stats NZ official Paul Pascoe said.

"However the effects of COVID-19 have had specific and varied impacts at industry level and, for some industries, these may persist for some time."

On the whole, New Zealand has experienced a 2.2 per cent decline in the year to September 2020.

Finance Minister Grant Robertson said the uptick was "in line" with Australia's recovery and "outperforming the United Kingdom and Japan".

"The economic bounce back is a result of our decision to go hard and early during the COVID-19 pandemic," he said.

Mr Robertson said New Zealand's 2020 contraction would be followed by a strong 2021 rebound.