Overview: The economy continues to remain sluggish. Agricultural exports have been suffering from a drop in world commodity prices and shrinking quotas in the key European Community market. In 1988 unemployment reached a near record, while inflation dropped to about 5%. Interest rates have been at a high of about 20%.

GDP: $27.9 billion, per capita $8,390; real growth rate - 0.2% (FY88)

Inflation rate (consumer prices): 4.7% (December 1988)

Unemployment rate: 11.3% (November 1988)

Budget: revenues $15.4 billion; expenditures $15.3 billion, including capital expenditures of NA (FY88)

Exports: $7.9 billion (f.o.b., FY88); @m5commodities--wool, lamb, mutton, beef, fruit, fish, cheese; @m5partners--US 16%, Japan 15%, Australia 15%, UK 9%, China 4%

Imports: $6.9 billion (c.i.f., FY88); @m5commodities--petroleum, consumer goods, motor vehicles, industrial equipment; @m5partners--Japan 21%, Australia 18%, US 16%, UK 10%, FRG 6%

External debt: $19.2 billion (September 1988)

Industrial production: growth rate - 1.6% (FY88)

Electricity: 7,700,000 kW capacity; 27,400 million kWh produced, 8,200 kWh per capita (1988)

Industries: food processing, wood and paper products, textiles, machinery, transportation equipment, banking and insurance, tourism, mining

Agriculture: fodder and silage crops, wool, meat, dairy products; food surplus country

Aid: donor--ODA and OOF commitments (1970-86), $427 million

Currency: New Zealand dollar (plural--dollars); 1 New Zealand dollar (NZ$) = 100 cents

Exchange rates: New Zealand dollars (NZ$) per US$1--1.5985 (January 1989), 1.5244 (1988), 1.6886 (1987), 1.9088 (1986), 2.0064 (1985)

Fiscal year: 1 April-31 March

NOTE: The information regarding New Zealand on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of New Zealand Economy 1989 information contained here. All suggestions for corrections of any errors about New Zealand Economy 1989 should be addressed to the CIA.