An exodus out of New Zealand's is being blamed as a reason our stagnant economy

Stats NZ figures show the number of Kiwis moving offshore is at an almost record high, with annual net migration below 14-thousand.

ASB Senior Economist Mark Smith says its indicative of a softer economy, which in turn relies on support from population growth.

He says having fewer people around explains why the economy has been flat.

Smith says net migration flows cycle, but this is a marked and sharp slowdown.