Overview: Since 1984 the government has been reorienting an agrarian economy dependent on a guaranteed British market to an open free market economy that can compete on the global scene. The government has hoped that dynamic growth would boost real incomes, reduce inflationary pressures, and permit the expansion of welfare benefits. The
results have been mixed: inflation is down from double-digit levels but growth has been sluggish and unemployment, always a highly sensitive issue, has been at a record high 7.4%. In 1988 GDP fell by 1%, in 1989 grew by a moderate 2.4%, and was flat in 1990.

GDP: $40.2 billion, per capita $12,200; real growth rate 0.7% (1990)

Inflation rate (consumer prices): 6.5% (FY90)

Unemployment rate: 7.4% (March 1990)

Budget: revenues $17.6 billion; expenditures $18.3 billion, including capital expenditures of $NA (FY91 est.)

Exports: $8.8 billion (f.o.b., FY90); commodities--wool, lamb, mutton, beef, fruit, fish, cheese, manufactures, chemicals, forestry products; partners--EC 18.3%, Japan 17.9%, Australia 17.5%, US 13.5%, China 3.6%, South Korea 3.1%

Imports: $8.1 billion (f.o.b., FY90); commodities--petroleum, consumer goods, motor vehicles, industrial equipment; partners--Australia 19.7%, Japan 16.9%, EC 16.9%, US 15.3%, Taiwan 3.0%

External debt: $17.4 billion (1989)

Industrial production: growth rate 1.9% (1990); accounts for about 20% of GDP

Electricity: 7,800,000 kW capacity; 28,000 million kWh produced, 8,500 kWh per capita (1990)

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

Agriculture: accounts for about 9% of GNP and 10% of the work force; livestock predominates--wool, meat, dairy products all export earners; crops--wheat, barley, potatoes, pulses, fruits, and vegetables; surplus producer of farm products; fish catch reached a record 503,000 metric tons in 1988

Economic aid: donor--ODA and OOF commitments (1970-89), $526 million

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

Exchange rates: New Zealand dollars (NZ$) per US$1--1.6798 (January 1991), 1.6750 (1990), 1.6711 (1989), 1.5244 (1988), 1.6886 (1987), 1.9088 (1986), 2.0064 (1985)

Fiscal year: 1 July-30 June

NOTE: The information regarding New Zealand on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of New Zealand Economy 1991 information contained here. All suggestions for corrections of any errors about New Zealand Economy 1991 should be addressed to the CIA.