Economy Of New Zealand
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Economy overview
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Over the past 20 years the government has transformed New Zealand from an agrarian economy dependent on concessionary British market access to a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes (but left behind many at the bottom of the ladder), broadened and deepened the technological capabilities of the industrial sector, and contained inflationary pressures. Per capita income has been rising and is now 80% of the level of the four largest EU economies. New Zealand is heavily dependent on trade - particularly in agricultural products - to drive growth, and it has been affected by the global economic slowdown and the slump in commodity prices. Thus far the economy has been resilient, and growth should continue at the same level in 2004. Expenditures on health, education, and pensions will increase proportionately.
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GDP
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purchasing power parity - $85.34 billion (2004 est.)
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GDP - real growth rate
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3.5% (2004 est.)
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GDP - per capita
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purchasing power parity - $21,600 (2004 est.)
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GDP - composition by sector
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agriculture: 4.8%
industry: 27.4%
services: 67.8% (2004 est.)
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Investment gross fixed
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20.9% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: 0.3%
highest 10%: 29.8% (1991 est.)
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Distribution of family income - Gini index
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Inflation rate consumer prices
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1.8% (2004 est.)
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Labor force
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2.008 million (2004 est.)
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Labor force by occupation
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agriculture 10%, industry 25%, services 65% (1995)
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Unemployment rate
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4.7% (2004 est.)
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Budget
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revenues: $32.14 billion
expenditures: $30.13 billion, including capital expenditures of NA (2004 est.)
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Public debt
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25.6% of GDP (2004 est.)
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Agriculture products
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wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef, dairy products; fish
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Industries
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food processing, wood and paper products, textiles, machinery, transportation equipment, banking and insurance, tourism, mining
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Industrial production growth rate
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1.3% (2004 est.)
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Electricity production
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37.51 billion kWh (2001)
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Electricity production by source
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fossil fuel: 31.6%
hydro: 57.8%
other: 10.7% (2001)
nuclear: 0%
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Electricity consumption
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34.88 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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42,160 bbl/day (2001 est.)
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Oil consumption
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132,700 bbl/day (2001 est.)
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Oil exports
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30,220 bbl/day (2001)
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Oil imports
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119,700 bbl/day (2001)
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Oil proved reserves
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89.62 million bbl (1 January 2002)
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Natural gas production
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6.504 billion cu m (2001 est.)
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Natural gas consumption
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6.504 billion cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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58.94 billion cu m (1 January 2002)
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Current account balance
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$-3.446 billion (2004 est.)
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Exports
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$15.86 billion (2004 est.)
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Exports commodities
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dairy products, meat, wood and wood products, fish, machinery
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Exports partners
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Australia 21.8%, US 14.6%, Japan 11%, China 4.9%, UK 4.8% (2003)
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Imports
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$16.06 billion (2003 est.)
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Imports commodities
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machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics
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Imports partners
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Australia 22.2%, US 11.8%, Japan 11.8%, China 9%, Germany 5.3% (2003)
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Reserves of foreign exchange gold
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$5.083 billion (2004 est.)
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Debt external
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$37.46 billion (2004 est.)
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Economic aid recipient
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Currency
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New Zealand dollar (NZD)
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Currency code
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NZD
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Exchange rates
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New Zealand dollars per US dollar - 1.7229 (2003), 2.1622 (2002), 2.3788 (2001), 2.2012 (2000), 1.8896 (1999)
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Fiscal year
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1 July - 30 June
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This information was reproduced in part from the CIA World Fact book.
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