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New Zealand Economy Profile 2013

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Economy - overviewOver 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 roughly 2% per year growth in 2010-12. 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)$134.2 billion (2012 est.)
$130.8 billion (2011 est.)
$129 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$169.7 billion (2012 est.)
GDP - real growth rate2.5% (2012 est.)
1.4% (2011 est.)
1.8% (2010 est.)
GDP - per capita (PPP)$30,200 (2012 est.)
$29,700 (2011 est.)
$29,500 (2010 est.)
note: data are in 2012 US dollars
Gross national saving15.1% of GDP (2012 est.)
14.5% of GDP (2011 est.)
16% of GDP (2010 est.)
GDP - composition, by end usehousehold consumption: 60.3%
government consumption: 20.2%
investment in fixed capital: 18.9%
investment in inventories: 0.7%
exports of goods and services: 28.9%
imports of goods and services: -28.9%
(2012 est.)
GDP - composition by sectoragriculture: 4.8%
industry: 24.7%
services: 70.4% (2012 est.)
Population below poverty lineNA%
Labor force2.394 million (2012 est.)
Labor force - by occupationagriculture: 7%
industry: 19%
services: 74% (2006 est.)
Unemployment rate6.9% (2012 est.)
6.5% (2011 est.)
Unemployment, youth ages 15-24total: 17.3%
male: 18.2%
female: 16.1% (2011)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Distribution of family income - Gini index36.2 (1997)
Investment (gross fixed)18.9% of GDP (2012 est.)
Budgetrevenues: $66.07 billion
expenditures: $73.31 billion (2012 est.)
Taxes and other revenues38.9% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-4.3% of GDP (2012 est.)
Public debt38% of GDP (2012 est.)
35.4% of GDP (2011 est.)
Inflation rate (consumer prices)1.1% (2012 est.)
4% (2011 est.)
Central bank discount rate2.5% (31 December 2009)
5% (31 December 2008)
Commercial bank prime lending rate5.82% (31 December 2012 est.)
6.11% (31 December 2011 est.)
Stock of narrow money$29.88 billion (31 December 2012 est.)
$26.26 billion (31 December 2011 est.)
Stock of broad money$154.6 billion (31 December 2011 est.)
$145.3 billion (31 December 2010 est.)
Stock of domestic credit$266.6 billion (31 December 2012 est.)
$239.1 billion (31 December 2011 est.)
Market value of publicly traded shares$71.66 billion (31 December 2011)
$36.3 billion (31 December 2010)
$67.06 billion (31 December 2009)
Agriculture - productsdairy products, lamb and mutton; wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef; fish
Industriesfood processing, wood and paper products, textiles, machinery, transportation equipment, banking and insurance, tourism, mining
Industrial production growth rate4% (2012 est.)
Current Account Balance-$6.803 billion (2012 est.)
-$6.709 billion (2011 est.)
Exports$37.9 billion (2012 est.)
$38.38 billion (2011 est.)
Exports - commoditiesdairy products, meat, wood and wood products, fish, machinery
Exports - partnersAustralia 21%, China 15%, US 9.2%, Japan 7% (2012)
Imports$37.15 billion (2012 est.)
$35.61 billion (2011 est.)
Imports - commoditiesmachinery and equipment, vehicles, aircraft, petroleum, electronics, textiles, plastics
Imports - partnersChina 16.4%, Australia 15.2%, US 9.3%, Japan 6.5%, Singapore 4.8%, Germany 4.4% (2012)
Reserves of foreign exchange and gold$17.58 billion (31 December 2012 est.)
$17.01 billion (31 December 2011 est.)
Debt - external$90.16 billion (31 December 2012 est.)
$91.28 billion (31 December 2011 est.)
Stock of direct foreign investment - at home$76.25 billion (31 December 2012 est.)
$73.64 billion (31 December 2011 est.)
Stock of direct foreign investment - abroad$59.08 billion (31 December 2009)
Exchange ratesNew Zealand dollars (NZD) per US dollar -
1.2334 (2012 est.)
1.263 (2011 est.)
1.3874 (2010 est.)
1.6002 (2009)
1.4151 (2008)
Fiscal year1 April - 31 March
note: this is the fiscal year for tax purposes

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of February 21, 2013