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 has risen for nine consecutive years and reached $27,900 in 2008 in purchasing power parity terms. 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 in 2008. In line with global peers, the central bank has cut interest rates aggressively; the new government is responding with plans to raise productivity growth and develop infrastructure. GDP (purchasing power parity)$116.7 billion (2008 est.) GDP (official exchange rate)$128.5 billion (2008 est.) GDP - real growth rate0.2% (2008 est.) GDP - per capita (PPP)$28,000 (2008 est.) GDP - composition by sectoragriculture: 4.4% Population below poverty lineNA% Labor force2.25 million (2008 est.) Labor force - by occupationagriculture: 7% Unemployment rate4.2% (2008 est.) Household income or consumption by percentage sharelowest 10%: %NA Distribution of family income - Gini index36.2 (1997) Investment (gross fixed)22.4% of GDP (2008 est.) Budgetrevenues: $54.41 billion Public debt24.6% of GDP (2008 est.) Inflation rate (consumer prices)4% (2008 est.) Central bank discount rate5% (31 December 2008) Commercial bank prime lending rateNA% (31 December 2008) Stock of money$13.7 billion (31 December 2008) Stock of quasi money$99.91 billion (31 December 2008) Stock of domestic credit$164.4 billion (31 December 2008) Industriesfood processing, wood and paper products, textiles, machinery, transportation equipment, banking and insurance, tourism, mining Industrial production growth rate-2.2% (2008 est.) Electricity - production42.41 billion kWh (2007 est.) Electricity - production by sourcefossil fuel: 31.6% Electricity - consumption38.93 billion kWh (2006 est.) Electricity - exports0 kWh (2007 est.) Electricity - imports0 kWh (2007 est.) Oil - production47,850 bbl/day (2007 est.) Oil - consumption158,400 bbl/day (2007 est.) Oil - imports137,300 bbl/day (2005) Oil - exports14,570 bbl/day (2005) Oil - proved reserves55 million bbl (1 January 2008 est.) Natural gas - production4.573 billion cu m (2007 est.) Natural gas - consumption4.572 billion cu m (2007 est.) Natural gas - exports0 cu m (2007 est.) Natural gas - imports0 cu m (2007 est.) Natural gas - proved reserves29.67 billion cu m (1 January 2008 est.) Current Account Balance-$11.3 billion (2008 est.) Agriculture - productsdairy products, lamb and mutton; wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef; fish Exports$30.8 billion (2008 est.) Exports - commoditiesdairy products, meat, wood and wood products, fish, machinery Exports - partnersAustralia 23.1%, US 10.1%, Japan 8.4%, China 5.8% (2008) Imports$32.45 billion (2008 est.) Imports - commoditiesmachinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics Imports - partnersAustralia 18.1%, China 13.2%, US 9.5%, Japan 8.3%, Singapore 4.7%, Malaysia 4.4%, Germany 4.3% (2008) Reserves of foreign exchange and gold$11.15 billion (31 December 2008 est.) Debt - external$59.08 billion (31 December 2008 est.) Stock of direct foreign investment - at home$72.92 billion (31 December 2008 est.) Stock of direct foreign investment - abroad$NA Market value of publicly traded shares$NA (31 December 2008) Economic aid - donorODA, $259 million (2006) Currency (code)New Zealand dollar (NZD) Currency (code)NZD Exchange ratesNew Zealand dollars (NZD) per US dollar - 1.4151 (2008 est.), 1.3811 (2007), 1.5408 (2006), 1.4203 (2005), 1.5087 (2004) Fiscal year1 April - 31 March |
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Source: CIA World Factbook | |