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New Zealand Economy
New Zealand Economy: A summary of information about New Zealand Economy, from government research data as well as independent research and other sources.
New Zealand: Economy
Economy - overview
Since 1984 the government has accomplished major economic restructuring, moving an agrarian economy dependent on concessionary British market access toward a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes, broadened and deepened the technological capabilities of the industrial sector, and contained inflationary pressures. Inflation remains among the lowest in the industrial world. Per capita GDP has been moving up toward the levels of the big West European economies. New Zealand's heavy dependence on trade leaves its growth prospects vulnerable to economic performance in Asia, Europe, and the US. Moderate growth probably will characterize 2000.
GDP
purchasing power parity - $63.8 billion (1999 est.)
GDP - real growth rate
3.1% (1999 est.)
GDP - per capita
purchasing power parity - $17,400 (1999 est.)
GDP - composition by sector
agriculture: 8% industry: 23% services: 69% (1998)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)
1.3% (1999 est.)
Labor force
1.86 million (1998)
Labor force - by occupation
services 65%, industry 25%, agriculture 10% (1995)
Unemployment rate
7% (1999 est.)
Budget
revenues: $24.9 billion expenditures: $23.7 billion, including capital expenditures of $NA (FY97/98 est.)
Industries
food processing, wood and paper products, textiles, machinery, transportation equipment, banking and insurance, tourism, mining
Industrial production growth rate
NA%
Electricity - production
35.789 billion kWh (1998)
Electricity - production by source
fossil fuel: 27.17% hydro: 65.82% nuclear: 0% other: 7.01% (1998)
Electricity - consumption
33.284 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef, dairy products; fish
Exports
$12.2 billion (f.o.b., 1998 est.)
Exports - commodities
dairy products, meat, fish, wool, forestry products, manufactures
Exports - partners
Australia 21%, Japan 13%, US 13%, UK 6% (1998)
Imports
$11.2 billion (f.o.b., 1998 est.)
Imports - commodities
machinery and equipment, vehicles and aircraft, petroleum, consumer goods, plastics
Imports - partners
Australia 22%, US 20%, Japan 11%, UK 5% (1998)
Debt - external
$53 billion (1998)
Economic aid - donor
ODA, $123 million (1995)
Currency
1 New Zealand dollar (NZ$) = 100 cents
Exchange rates
New Zealand dollars (NZ$) per US$1 - 1.9451 (January 2000), 1.8886 (1999), 1.8632 (1998), 1.5083 (1997), 1.4543 (1996), 1.5235 (1995)
Fiscal year
1 July - 30 June
