Short facts about the economy in New Zealand
| 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.
With the FY00/01 budget pushing up pension and other public outlays, the
government's ability to meet fiscal targets will depend on sustained economic
growth. |
| GDP: |
purchasing power parity - $67.6 billion
(2000 est.) |
| GDP - real
growth rate: |
3.6% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $17,700 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 8%
industry: 23%
services: 69%
(1999) |
| Population
below poverty line: |
NA% |
| Household
income or consumption by percentage share: |
lowest 10%: 0.3%
highest 10%: 29.8% (1991
est.) |
| Inflation
rate (consumer prices): |
2.4% (2000
est.) |
| Labor
force: |
1.88 million
(2000) |
| Labor force
- by occupation: |
services 65%, industry 25%, agriculture
10% (1995) |
| Unemployment
rate: |
6.3% (2000
est.) |
| Budget: |
revenues: $19.2 billion
expenditures: $19.2 billion, including
capital expenditures of $NA (1999 est.) |
| Industries: |
food processing, wood and paper
products, textiles, machinery, transportation equipment, banking and insurance,
tourism, mining |
| Industrial
production growth rate: |
6.2%
(2000) |
| Electricity
- production: |
37.952 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 30.49%
hydro: 61.42%
nuclear:
0%
other: 8.09% (1999) |
| Electricity
- consumption: |
35.295 billion kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(1999) |
| Agriculture
- products: |
wheat, barley, potatoes, pulses,
fruits, vegetables; wool, beef, dairy products;
fish |
| Exports: |
$14.6 billion (f.o.b., 2000
est.) |
| Exports -
commodities: |
dairy products, meat, fish, wool,
forestry products, manufactures |
| Exports -
partners: |
Australia 22%, US 14%, Japan 13%, UK 7%
(1999) |
| Imports: |
$14.3 billion (f.o.b., 2000
est.) |
| Imports -
commodities: |
machinery and equipment, vehicles and
aircraft, petroleum, consumer goods, plastics |
| Imports -
partners: |
Australia 24%, US 17%, Japan 12%, UK 4%
(1999) |
| Debt -
external: |
$30.8 billion (2000
est.) |
| Economic aid
- donor: |
ODA, $123 million
(1995) |
| Currency: |
New Zealand dollar
(NZD) |
| Exchange
rates: |
New Zealand dollars per US dollar -
2.2502 (January 2001), 2.1863 (2000), 1.8886 (1999), 1.8632 (1998), 1.5083
(1997), 1.4543 (1996) |
| Fiscal
year: |
1 July - 30 June | Source: World Factbook |
