It is late July, and New Zealand is slowly receiving economic data from the June quarter. Inflation has hit a 12-month high, for example, confirming what many already suspected. But the country is still nearly two months away from getting figures on economic activity – namely, gross domestic product (GDP).

Official statistics such as GDP and inflation have long been delayed, offering a picture of how the economy was, rather than how it is. Stats NZ, for instance, released GDP data for the December 2024 quarter in March 2025 – a lag of around three months. As a result, economic decisions and public debate are often based on out-of-date information.

One example from last year illustrates how such delays can distort policy.

In August 2024, the Reserve Bank of New Zealand cut interest rates a year earlier than markets had expected, despite considering further hikes just months before. With no monthly inflation or GDP data, the Reserve Bank had to rely on private-sector indicators while waiting for official figures, which later confirmed that inflation was indeed........

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