FX.co ★ New Zealand External Migration and Visitor Growth Cools to 7.0% in December

New Zealand’s external migration and visitor growth rate eased to 7.00% in December 2025, down from 8.20% in November, according to the latest data updated on 12 February 2026. The slowdown suggests a moderation in the pace of inbound flows at the end of the year after a stronger November performance.

The deceleration from November’s 8.20% to December’s 7.00% may reflect seasonal factors, evolving travel patterns, or changing migration dynamics, and will be closely watched by sectors such as tourism, hospitality and real estate that are sensitive to external visitor and migrant trends. While growth remains positive, the softer December reading could signal a more measured expansion in external arrivals heading into 2026.

Analysts and policymakers are likely to track upcoming releases to determine whether December’s weaker growth marks the start of a broader trend or a temporary pause following earlier strength in 2025. For now, the latest figures point to continued, but moderating, momentum in New Zealand’s external migration and visitor numbers.