New Zealand Economy - 2023

Economic overview

high-income Pacific island economy; strong agriculture, manufacturing, tourism, and energy sectors; reliant on Chinese market for exports; sustained growth; low unemployment; high living standards; sharp growth post COVID-19 lockdown

Real GDP (purchasing power parity)

$219.839 billion (2021 est.)

$211.966 billion (2020 est.)

$214.655 billion (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

3.71% (2021 est.)

-1.25% (2020 est.)

2.19% (2019 est.)

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Real GDP per capita

$42,900 (2021 est.)

$41,600 (2020 est.)

$43,100 (2019 est.)

note: data are in 2017 dollars

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GDP (official exchange rate)

$205.202 billion (2019 est.)

Inflation rate (consumer prices)

3.94% (2021 est.)

1.71% (2020 est.)

1.62% (2019 est.)

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Credit ratings

Fitch rating: AA (2011)

Moody's rating: Aaa (2002)

Standard & Poors rating: AA (2011)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 5.7% (2017 est.)

industry: 21.5% (2017 est.)

services: 72.8% (2017 est.)

GDP - composition, by end use

household consumption: 57.2% (2017 est.)

government consumption: 18.2% (2017 est.)

investment in fixed capital: 23.4% (2017 est.)

investment in inventories: 0.3% (2017 est.)

exports of goods and services: 27% (2017 est.)

imports of goods and services: -26.1% (2017 est.)

Agricultural products

milk, beef, kiwi fruit, apples, potatoes, mutton, grapes, wheat, barley, green onions/shallots

Industries

agriculture, forestry, fishing, logs and wood articles, manufacturing, mining, construction, financial services, real estate services, tourism

Industrial production growth rate

-2.09% (2020 est.)

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Labor force

2.911 million (2021 est.)

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Labor force - by occupation

agriculture: 6.6%

industry: 20.7%

services: 72.7% (2017 est.)

Unemployment rate

4.12% (2021 est.)

4.59% (2020 est.)

4.11% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 11.4%

male: 12.2%

female: 10.6% (2021 est.)

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Population below poverty line

NA

Gini Index coefficient - distribution of family income

36.2 (1997)

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Average household expenditures

on food: 13.4% of household expenditures (2018 est.)

on alcohol and tobacco: 4.8% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $76.694 billion (2020 est.)

expenditures: $88.593 billion (2020 est.)

Budget surplus (+) or deficit (-)

1.6% (of GDP) (2017 est.)

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Public debt

46.33% of GDP (2020 est.)

32.7% of GDP (2019 est.)

36.61% of GDP (2018 est.)

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Taxes and other revenues

27.5% (of GDP) (2020 est.)

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Fiscal year

1 April - 31 March

note: this is the fiscal year for tax purposes

Current account balance

-$14.827 billion (2021 est.)

-$2.014 billion (2020 est.)

-$5.945 billion (2019 est.)

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Exports

$54.777 billion (2021 est.) note: data are in current year dollars

$50.544 billion (2020 est.) note: data are in current year dollars

$57.875 billion (2019 est.) note: data are in current year dollars

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Exports - partners

China 28%, Australia 14%, US 9%, Japan 6% (2019)

Exports - commodities

milk cream powders, lumber, beef, butter, mutton (2021)

Imports

$62.862 billion (2021 est.) note: data are in current year dollars

$48.104 billion (2020 est.) note: data are in current year dollars

$57.682 billion (2019 est.) note: data are in current year dollars

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Imports - partners

China 18%, Australia 15%, US 9%, Japan 6%, Germany 5% (2019)

Imports - commodities

cars, crude petroleum, refined petroleum, delivery trucks, gas turbines (2019)

Reserves of foreign exchange and gold

$16.114 billion (31 December 2021 est.)

$13.733 billion (31 December 2020 est.)

$17.814 billion (31 December 2019 est.)

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Debt - external

$190.621 billion (2019 est.)

$192.327 billion (2018 est.)

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Exchange rates

New Zealand dollars (NZD) per US dollar -

1.414 (2021 est.)

1.542 (2020 est.)

1.518 (2019 est.)

1.445 (2018 est.)

1.407 (2017 est.)

NOTE: The information regarding New Zealand on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of New Zealand 2023 information contained here. All suggestions for corrections of any errors about New Zealand 2023 should be addressed to the CIA or the source cited on each page.