| People | 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 many at the bottom of the ladder - and broadened and deepened the technological capabilities of the industrial sector. Per capita income has risen for eight consecutive years and reached $27,800 in 2007 in purchasing power parity terms. Consumer and government spending have driven growth in recent years, and exports picked up in 2006 after struggling for several years. Exports were equal to about 22% of GDP in 2007, down from 33% of GDP in 2001. Thus far the economy has been resilient, and the Labor Government promises that expenditures on health, education, and pensions will increase proportionately to output. Inflationary pressures have built in recent years and the central bank raised its key rate 13 times since January 2004 to finish 2007 at 8.25%. A large balance of payments deficit poses another challenge in managing the economy. |
GDP (purchasing power parity):
|
$112.6 billion (2007 est.) |
GDP (official exchange rate):
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$124.4 billion (2007 est.) |
GDP - real growth rate:
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3% (2007 est.) |
GDP - per capita (PPP):
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$27,300 (2007 est.) |
GDP - composition by sector:
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agriculture: 4.3%
industry: 26.2%
services: 69.6% (2007 est.) |
Investment (gross fixed):
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22.2% of GDP (2007 est.) |
Population below poverty line:
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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):
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2.5% (2007 est.) |
Labor force:
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2.23 million (2007 est.) |
Labor force participation rate:
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53.43 % of population |
Labor force - by occupation:
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agriculture: 7%
industry: 19%
services: 74% (2006 est.) |
Unemployment rate:
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3.5% (2007 est.) |
Budget:
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revenues: $54.36 billion
expenditures: $48.51 billion (2007 est.) |
Budget revenues per capita:
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13,026 USD per capita |
Public debt:
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18.3% of GDP (2007 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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1.8% (2007 est.) |
Electricity - production:
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42.06 billion kWh (2006 est.) |
Electricity - production per capita:
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10,078 kWh per capita |
Electricity - consumption:
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37.39 billion kWh (2006 est.) |
Electricity - consumption - per capita:
|
8,959 kWh per capita |
Electricity - exports:
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0 kWh (2005) |
Electricity - imports:
|
0 kWh (2005) |
Oil - production:
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25,880 bbl/day (2006 est.) |
Oil - production per capita:
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6,202 bbl/day per capita |
Oil - consumption:
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156,000 bbl/day (2006 est.) |
Oil - consumption - per capita:
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13.64 bbl/year per capita |
Oil - exports:
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15,720 bbl/day (2004) |
Oil - imports:
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140,900 bbl/day (2004) |
Oil - proved reserves:
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55.5 million bbl (1 January 2006 est.) |
Natural gas - production:
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3.9 billion cu m (2006 est.) |
Natural gas - production per capita:
|
935 cu m per capita |
Natural gas - consumption:
|
3.7 billion cu m (2006 est.) |
Natural gas - consumption - per capita:
|
887 cu m per capita |
Natural gas - exports:
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0 cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
Natural gas - proved reserves:
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29.67 billion cu m (1 January 2006 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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-$9.973 billion (2007 est.) |
Current account balance - per capita:
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-2,389 USD per capita |
Exports:
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$28.12 billion (2007 est.) |
Exports per capita:
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6,738 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 20.5%, US 13.1%, Japan 10.3%, China 5.4%, UK 4.9% (2006) |
Imports:
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$29.83 billion (2007 est.) |
Imports per capita:
|
7,148 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 20.5%, China 12.3%, US 11.8%, Japan 9.2%, Germany 4.4%, Singapore 4.4% (2006) |
Reserves of foreign exchange and gold:
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$18.99 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
4,551 USD per capita |
Debt - external:
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$50.02 billion (31 December 2007 est.) |
Debt - external - per capita:
|
11,986 USD per capita |
Stock of direct foreign investment - at home:
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$63.12 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$NA |
Market value of publicly traded shares:
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$40.62 billion (2005) |
Economic aid - donor:
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ODA, $259 million (2006) |
Economic aid - recipient:
|
void |
Economic aid - recipient per capita:
|
void |
Currency (code):
|
New Zealand dollar (NZD) |
Exchange rates:
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New Zealand dollars per US dollar - 1.3811 (2007), 1.5408 (2006), 1.4203 (2005), 1.5087 (2004), 1.7221 (2003) |
Fiscal year:
|
1 April - 31 March
note: this is the fiscal year for tax purposes |
|
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