| Economy | New Zealand |
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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 has risen for nine consecutive years and reached $28,500 in 2008 in purchasing power parity terms. 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 2007-2008; 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 in 2008, and in line with global peers, the central bank has cut interest rates aggressively; the new government is responding with plans to raise productivity growth and develop infrastructure. |
GDP (purchasing power parity):
|
$116.6 billion (2008 est.)
$116.3 billion (2007)
$112.8 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$27,900 (2008 est.)
$28,200 (2007 est.)
$27,600 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$135.7 billion (2008 est.) |
GDP - real growth rate:
|
0.2% (2008 est.)
3.1% (2007 est.)
2% (2006 est.) |
GDP - composition by sector:
|
agriculture: 4.4%
industry: 26%
services: 69.6% (2008 est.) |
Investment (gross fixed):
|
23.6% of GDP (2008 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: %NA
highest 10%: %NA |
Distribution of family income - Gini index:
|
36.2 (1997) |
Inflation rate (consumer prices):
|
4.3% (2008 est.) |
Central bank discount rate:
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8.25% (31 December 2007) |
Commercial bank prime lending rate:
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12.83% (31 December 2007) |
Stock of money:
|
$24.2 billion (31 December 2007) |
Stock of money - per capita:
|
5,744 USD per capita |
Stock of quasi money:
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$117.8 billion (31 December 2007) |
Stock of quasi money - per capita:
|
27,959 USD per capita |
Stock of domestic credit:
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$200.1 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
47,492 USD per capita |
Labor force:
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2.26 million (2008 est.) |
Labor force participation rate:
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53.64 % of population |
Labor force - by occupation:
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agriculture: 7%
industry: 19%
services: 74% (2006 est.) |
Unemployment rate:
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4% (2008 est.) |
Budget:
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revenues: $55.1 billion
expenditures: $54.66 billion (2008 est.) |
Budget revenues per capita:
|
13,078 USD per capita |
Public debt:
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22.9% of GDP (2008 est.) |
Industries:
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food processing, wood and paper products, textiles, machinery, transportation equipment, banking and insurance, tourism, mining |
Industrial production growth rate:
|
-1.2% (2008 est.) |
Electricity - production:
|
42.41 billion kWh (2007 est.) |
Electricity - production per capita:
|
10,066 kWh per capita |
Electricity - consumption:
|
38.93 billion kWh (2006 est.) |
Electricity - consumption - per capita:
|
9,240 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
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47,850 bbl/day (2007 est.) |
Oil - production per capita:
|
11,357 bbl/day per capita |
Oil - consumption:
|
158,400 bbl/day (2007 est.) |
Oil - consumption - per capita:
|
13.72 bbl/year per capita |
Oil - exports:
|
14,570 bbl/day (2005) |
Oil - imports:
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137,300 bbl/day (2005) |
Oil - proved reserves:
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55 million bbl (1 January 2008 est.) |
Natural gas - production:
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4.573 billion cu m (2007 est.) |
Natural gas - production per capita:
|
1,086 cu m per capita |
Natural gas - consumption:
|
4.572 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
|
1,086 cu m per capita |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
|
29.67 billion cu m (1 January 2008 est.) |
Agriculture - products:
|
dairy products, lamb and mutton; wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef; fish |
Current account balance:
|
-$9.047 billion (2008 est.) |
Current account balance - per capita:
|
-2,147 USD per capita |
Exports:
|
$29.53 billion (2008 est.) |
Exports per capita:
|
7,009 USD per capita |
Exports - commodities:
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dairy products, meat, wood and wood products, fish, machinery |
Exports - partners:
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Australia 22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6% (2007) |
Imports:
|
$31.11 billion f.o.b. (2008 est.) |
Imports per capita:
|
7,384 USD per capita |
Imports - commodities:
|
machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics |
Imports - partners:
|
Australia 20.7%, China 13.4%, US 9.7%, Japan 9.5%, Singapore 4.9%, Germany 4.7% (2007) |
Reserves of foreign exchange and gold:
|
$15.25 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
3,620 USD per capita |
Debt - external:
|
$59.08 billion (31 December 2008 est.) |
Debt - external - per capita:
|
14,022 USD per capita |
Stock of direct foreign investment - at home:
|
$72.41 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
17,186 USD per capita |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$47.45 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
11,262 USD per capita |
Economic aid - donor:
|
ODA, $259 million (2006) |
Economic aid - recipient:
|
void |
Economic aid - recipient per capita:
|
void |
Currency (code):
|
New Zealand dollar (NZD) |
Exchange rates:
|
New Zealand dollars (NZD) per US dollar - 1.4151 (2008 est.), 1.3811 (2007), 1.5408 (2006), 1.4203 (2005), 1.5087 (2004) |
Fiscal year:
|
1 April - 31 March
note: this is the fiscal year for tax purposes |
|
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