| 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 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 1.7% growth in 2010 and 2% in 2011. 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):
|
$123.3 billion (2011 est.)
$120.9 billion (2010 est.)
$118.9 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$27,900 (2011 est.)
$27,700 (2010 est.)
$27,500 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$168.8 billion (2011 est.) |
GDP - real growth rate:
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2% (2011 est.)
1.7% (2010 est.)
-2% (2009 est.) |
GDP - composition by sector:
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agriculture: 4.7%
industry: 24%
services: 71.3% (2011 est.) |
Investment (gross fixed):
|
19.4% of GDP (2011 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: %NA
highest 10%: %NA |
Distribution of family income - Gini index:
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36.2 (1997) |
Inflation rate (consumer prices):
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4.5% (2011 est.)
2.3% (2010 est.) |
Central bank discount rate:
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2.5% (31 December 2009)
5% (31 December 2008) |
Commercial bank prime lending rate:
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10.3% (31 December 2011 est.)
10.095% (31 December 2010 est.) |
Stock of money:
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$20.17 billion (31 December 2008)
$26.83 billion (31 December 2007) |
Stock of money - per capita:
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4,702 USD per capita |
Stock of quasi money:
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$81.01 billion (31 December 2008)
$96.15 billion (31 December 2007) |
Stock of quasi money - per capita:
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18,882 USD per capita |
Stock of domestic credit:
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$242.2 billion (31 December 2011 est.)
$236.2 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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56,453 USD per capita |
Stock of narrow money:
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$29.5 billion (31 December 2011 est.)
$28.11 billion (31 December 2010 est.) |
Stock of broad money:
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$154.6 billion (31 December 2011 est.)
$145.3 billion (31 December 2010 est.) |
Labor force:
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2.353 million (2011 est.) |
Labor force participation rate:
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54.84 % of population |
Labor force - by occupation:
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agriculture: 7%
industry: 19%
services: 74% (2006 est.) |
Unemployment rate:
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6.5% (2011 est.)
6.5% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 16.6%
male: 16%
female: 17.2% (2009) |
Budget:
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revenues: $61.94 billion
expenditures: $75.31 billion (2011 est.) |
Budget revenues per capita:
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14,438 USD per capita |
Taxes and other revenues:
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36.7% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-7.9% of GDP (2011 est.) |
Public debt:
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33.7% of GDP (2011 est.)
27.5% of GDP (2010 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:
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1.6% (2011 est.) |
Electricity - production:
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42 billion kWh (2009 est.) |
Electricity - production per capita:
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9,790 kWh per capita |
Electricity - consumption:
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39.02 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
9,095 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
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60,480 bbl/day (2010 est.) |
Oil - production per capita:
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14,097 bbl/day per capita |
Oil - consumption:
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149,700 bbl/day (2010 est.) |
Oil - consumption - per capita:
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12.74 bbl/year per capita |
Oil - exports:
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47,200 bbl/day (2009 est.) |
Oil - imports:
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138,000 bbl/day (2009 est.) |
Oil - proved reserves:
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112.5 million bbl (1 January 2011 est.) |
Natural gas - production:
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4.481 billion cu m (2010 est.) |
Natural gas - production per capita:
|
1,045 cu m per capita |
Natural gas - consumption:
|
4.481 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
|
1,045 cu m per capita |
Natural gas - exports:
|
0 cu m (2010 est.) |
Natural gas - imports:
|
0 cu m (2010 est.) |
Natural gas - proved reserves:
|
34.38 billion cu m (1 January 2011 est.) |
Agriculture - products:
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dairy products, lamb and mutton; wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef; fish |
Current account balance:
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-$5.097 billion (2011 est.)
-$5.903 billion (2010 est.) |
Current account balance - per capita:
|
-1,188 USD per capita |
Exports:
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$40.92 billion (2011 est.)
$31.88 billion (2010 est.) |
Exports per capita:
|
9,538 USD per capita |
Exports - commodities:
|
dairy products, meat, wood and wood products, fish, machinery |
Exports - partners:
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Australia 23.1%, China 11.2%, US 8.6%, Japan 7.8% (2010) |
Imports:
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$35.07 billion (2011 est.)
$29.52 billion (2010 est.) |
Imports per capita:
|
8,175 USD per capita |
Imports - commodities:
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machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics |
Imports - partners:
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Australia 18.1%, China 16%, US 10.5%, Japan 7.4%, Germany 4.1% (2010) |
Reserves of foreign exchange and gold:
|
$19.03 billion (31 December 2011 est.)
$16.72 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
4,436 USD per capita |
Debt - external:
|
$84.54 billion (31 December 2011 est.)
$81.1 billion (31 December 2010 est.) |
Debt - external - per capita:
|
19,705 USD per capita |
Stock of direct foreign investment - at home:
|
$71.03 billion (31 December 2011 est.)
$70.13 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
|
16,556 USD per capita |
Stock of direct foreign investment - abroad:
|
$NA (31 December 2010)
$59.08 billion (31 December 2009) |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$36.3 billion (31 December 2010)
$67.06 billion (31 December 2009)
$24.17 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
8,461 USD per capita |
Currency (code):
|
New Zealand dollar (NZD) |
Exchange rates:
|
New Zealand dollars (NZD) per US dollar -
1.266 (2011 est.)
1.3874 (2010 est.)
1.6002 (2009)
1.4151 (2008)
1.3811 (2007) |
Fiscal year:
|
1 April - 31 March
note: this is the fiscal year for tax purposes |
|
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