Page last updated on February 5, 2013
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):
$128.5 billion (2012 est.)
country comparison to the world: 65
$125.7 billion (2011 est.)
$124 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$166.9 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
2.2% (2012 est.)
country comparison to the world: 139
1.3% (2011 est.)
1.8% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$28,800 (2012 est.)
country comparison to the world: 46
$28,500 (2011 est.)
$28,400 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 4.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
24.6%
services:
70.6% (2012 est.)
Labor force:
2.402 million (2012 est.)
country comparison to the world: 113
[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:
6.5% (2012 est.)
country comparison to the world: 70
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: 82
[see also: Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
19.5% of GDP (2012 est.)
country comparison to the world: 104
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $62.64 billion
[see also: Budget revenues country ranks ]
expenditures:
$72.71 billion (2012 est.)
Taxes and other revenues:
37.5% of GDP (2012 est.)
country comparison to the world: 60
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-6% of GDP (2012 est.)
country comparison to the world: 171
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
41.8% of GDP (2012 est.)
country comparison to the world: 84
36.1% of GDP (2011 est.)
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
1.2% (2012 est.)
country comparison to the world: 13
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: 71
5% (31 December 2008)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
6.1% (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:
$26.94 billion (31 December 2012 est.)
country comparison to the world: 62
$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:
$233.8 billion (31 December 2012 est.)
country comparison to the world: 39
$239.1 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: 55
$36.3 billion (31 December 2010)
$67.06 billion (31 December 2009)
[see also:
Market value of publicly traded shares country ranks ]
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:
1.5% (2011 est.)
country comparison to the world: 132
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$6.803 billion (2012 est.)
country comparison to the world: 169
-$6.709 billion (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$37.73 billion (2012 est.)
country comparison to the world: 63
$38.35 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
dairy products, meat, wood and wood products, fish, machinery
Exports - partners:
Australia 22.2%, China 12.5%, US 8.5%, Japan 7.1% (2011)
Imports:
$35.65 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 and aircraft, petroleum, electronics, textiles, plastics
Imports - partners:
China 16.1%, Australia 15.9%, US 10.4%, Japan 6.3%, Singapore 4.6%, Germany 4.3% (2011)
Reserves of foreign exchange and gold:
$18.33 billion (31 December 2012 est.)
country comparison to the world: 59
