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New Zealand Economy 1996

Overview:

Since 1984 the government has been reorienting an agrarian economy dependent on a guaranteed British market to a more industrialized, open free market economy that can compete on the global scene. The government has hoped that dynamic growth would boost real incomes, broaden and deepen the technological capabilities of the industrial sector, reduce inflationary pressures, and permit the expansion of welfare benefits. The initial results were mixed: inflation is down from double-digit levels, but growth was sluggish in 1988-91. In 1992-93, growth picked up to 3% annually, a sign that the new economic approach was beginning to pay off. Business confidence strengthened in 1994, and export demand picked up in the Asia-Pacific region, resulting in 6.2% growth. Inflation remains among the lowest in the industrial world.

National product:

GDP - purchasing power parity - $56.4 billion (1994 est.)

National product real growth rate:

6.2% (1994)

National product per capita:

$16,640 (1994 est.)

Inflation rate (consumer prices):

1.6% (FY93/94)

Unemployment rate:

7.5% (December 1994)

Budget:

revenues:

$18.94 billion

expenditures:

$18.82 billion, including capital expenditures of $NA (FY94/95)

note:

surplus $120 million (FY94/95)

Exports:

$11.2 billion (1994)

commodities:

wool, lamb, mutton, beef, fish, cheese, chemicals, forestry products, fruits and vegetables, manufactures

partners:

Australia 20%, Japan 15%, US 12%, UK 6%

Imports:

$10.4 billion (1994)

commodities:

machinery and equipment, vehicles and aircraft, petroleum, consumer goods

partners:

Australia 21%, US 18%, Japan 16%, UK 6%

External debt:

$38.5 billion (September 1994)

Industrial production:

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

Electricity:

capacity:

7,520,000 kW

production:

30.5 billion kWh

consumption per capita:

8,401 kWh (1993)

Industries:

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

Agriculture:

accounts for about 9% of GDP and about 11% of the work force; livestock predominates - wool, meat, dairy products all export earners; crops - wheat, barley, potatoes, pulses, fruits, 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:

1 New Zealand dollar (NZ$) = 100 cents

Exchange rates:

New Zealand dollars (NZ$) per US$1 - 1.5601 (January 1995), 1.6844 (1994), 1.8495 (1993), 1.8584 (1992), 1.7265 (1991), 1.6750 (1990)

Fiscal year:

1 July - 30 June

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