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New Zealand Economy 2014
http://www.theodora.com/wfbcurrent/new_zealand/new_zealand_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on February 2, 2014

Economy - overview:
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 some at the bottom of the ladder - and broadened and deepened the technological capabilities of the industrial sector. Per capita income rose for ten consecutive years until 2007 in purchasing power parity terms, but fell in 2008-09. Debt-driven consumer spending drove robust growth in the first half of the decade, helping fuel a large balance of payments deficit that posed a challenge for economic managers. Inflationary pressures caused the central bank to raise its key rate steadily from January 2004 until it was among the highest in the OECD in 2007-08; international capital inflows attracted to the high rates further strengthened the currency and housing market, however, aggravating the current account deficit. The economy fell into recession before the start of the global financial crisis and contracted for five consecutive quarters in 2008-09. In line with global peers, the central bank cut interest rates aggressively and the government developed fiscal stimulus measures. The economy posted a 2% decline in 2009, but pulled out of recession late in the year, and achieved roughly 2% per year growth in 2010-12. Nevertheless, key trade sectors remain vulnerable to weak external demand. The government plans to raise productivity growth and develop infrastructure, while reining in government spending.

GDP (purchasing power parity):
$130.9 billion (2012 est.)
country comparison to the world: 64

$127.5 billion (2011 est.)
$125.7 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$167.5 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.7% (2012 est.)
country comparison to the world: 121

1.4% (2011 est.)
1.9% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$29,500 (2012 est.)
country comparison to the world: 48

$28,900 (2011 est.)
$28,700 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
14.5% of GDP (2012 est.)
country comparison to the world: 106

14.5% of GDP (2011 est.)
16% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 60.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 20.1%
investment in fixed capital: 18.9%
investment in inventories: 0.5%
exports of goods and services: 29.1%
imports of goods and services: -29%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 25.3%
services: 69.7% (2012 est.)

Agriculture - products:
dairy products, lamb and mutton; wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef; fish

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

Industrial production growth rate:
1.7% (2012 est.)
country comparison to the world: 109
[see also: Industrial production growth rate country ranks ]

Labor force:
2.381 million (2012 est.)
country comparison to the world: 114
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19%
services: 74% (2006 est.)

Unemployment rate:
6.9% (2012 est.)
country comparison to the world: 75

6.5% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Distribution of family income - Gini index:
36.2 (1997)
country comparison to the world: 84
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $69.92 billion
[see also: Budget revenues country ranks ]
expenditures: $76.37 billion (2012 est.)

Taxes and other revenues:
41.7% of GDP (2012 est.)
country comparison to the world: 38
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.8% of GDP (2012 est.)
country comparison to the world: 140
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
38.1% of GDP (2012 est.)
country comparison to the world: 94

35.4% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March
note: this is the fiscal year for tax purposes

Inflation rate (consumer prices):
1.1% (2012 est.)
country comparison to the world: 17

4% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.5% (31 December 2009)
country comparison to the world: 70

5% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.82% (31 December 2012 est.)
country comparison to the world: 140

6.11% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$29.87 billion (31 December 2012 est.)
country comparison to the world: 60

$26.26 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$154.6 billion (31 December 2011 est.)
country comparison to the world: 46

$145.3 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$265.6 billion (31 December 2012 est.)
country comparison to the world: 37

$241.6 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$71.66 billion (31 December 2011)
country comparison to the world: 56

$36.3 billion (31 December 2010)
$67.06 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-8.508 billion (2012 est.)
country comparison to the world: 172

$-6.686 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$37.87 billion (2012 est.)
country comparison to the world: 63

$38.38 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
dairy products, meat, wood and wood products, fish, machinery

Exports - partners:
Australia 21.1%, China 15%, US 9.2%, Japan 7% (2012)

Imports:
$37.04 billion (2012 est.)
country comparison to the world: 62

$35.61 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, vehicles, aircraft, petroleum, electronics, textiles, plastics

Imports - partners:
China 16.4%, Australia 15.2%, US 9.3%, Japan 6.5%, Singapore 4.8%, Germany 4.4% (2012)

Reserves of foreign exchange and gold:
$17.58 billion (31 December 2012 est.)
country comparison to the world: 60

$17.01 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$85.18 billion (31 December 2012 est.)
country comparison to the world: 51

$84.04 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$81.36 billion (31 December 2012 est.)
country comparison to the world: 43

$73.64 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$59.08 billion (31 December 2009)
country comparison to the world: 34
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
New Zealand dollars (NZD) per US dollar -

1.2334 (2012 est.)
1.263 (2011 est.)
1.3874 (2010 est.)
1.6002 (2009)
1.4151 (2008)


NOTE: The information regarding New Zealand on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of New Zealand Economy 2014 information contained here. All suggestions for corrections of any errors about New Zealand Economy 2014 should be addressed to the CIA.



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