Economy — overview

Since 1984 the government has accomplished major economic restructuring, moving an agrarian economy dependent on concessionary British market access toward a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes, broadened and deepened the technological capabilities of the industrial sector, and contained inflationary pressures. Inflation remains among the lowest in the industrial world. Per capita GDP has been moving up toward the levels of the big West European economies. New Zealand's heavy dependence on trade leaves its growth prospects vulnerable to economic performance in Asia, Europe, and the US. Moderate growth probably will characterize 2000.

GDP - $112.3 billion (Dec 2001)

GDP - real growth rate: 2.4% (Dec 2001)

GDP - per capita: purchasing power parity - $17,400

GDP - composition by sector:
agriculture: 8%
industry: 23%
services: 69%

Inflation rate (consumer prices): 1.3%

Labour force - by occupation: services 65%, industry 25%, agriculture 10%

Unemployment rate: 5.4% (Dec 2001)

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

Electricity - consumption: 33.284 billion kWh

Agriculture - products: wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef, dairy products; fish

Exports: $12.2 billion (f.o.b., 1998 est.)

Exports - commodities: dairy products, meat, fish, wool, forestry products, manufactures

Exports - partners: Australia 21%, Japan 13%, US 13%, UK 6% (1998)

Imports: $11.2 billion (f.o.b., 1998 est.)

Imports - commodities: machinery and equipment, vehicles and aircraft, petroleum, consumer goods, plastics

Imports - partners: Australia 22%, US 20%, Japan 11%, UK 5% (1998)

Debt - external: $65 billion (Dec 2001)

Currency: 1 New Zealand dollar (NZ$) = 100 cents currency converter

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