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New Zealand Economy Profile 2016

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Economy - overviewOver the past 30 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, fueling a large balance of payments deficit that posed a challenge for policymakers. 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. The higher rate attracted international capital inflows, which strengthened the currency and housing market while 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 pulled out of recession in 2009, and achieved 2%-3% growth from 2011 to 2015. Nevertheless, key trade sectors remain vulnerable to weak external demand and lower commodity prices. In the aftermath of the 2010 Canterbury earthquakes, the government has continued programs to expand export markets, develop capital markets, invest in innovation, raise productivity growth, and develop infrastructure, while easing its fiscal austerity.
GDP (purchasing power parity)$168.2 billion (2015 est.)
$162.7 billion (2014 est.)
$158 billion (2013 est.)
note: data are in 2015 US dollars
GDP (official exchange rate)$172.2 billion (2015 est.)
GDP - real growth rate3.4% (2015 est.)
3% (2014 est.)
1.7% (2013 est.)
GDP - per capita (PPP)$36,200 (2015 est.)
$35,700 (2014 est.)
$35,300 (2013 est.)
note: data are in 2015 US dollars
Gross national saving19.2% of GDP (2015 est.)
19.4% of GDP (2014 est.)
19.3% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 56.1%
government consumption: 18.7%
investment in fixed capital: 22.8%
investment in inventories: 0.3%
exports of goods and services: 27.9%
imports of goods and services: -25.8% (2015 est.)
GDP - composition by sectoragriculture: 4.1%
industry: 26.8%
services: 69% (2015 est.)
Population below poverty lineNA%
Labor force2.522 million (2015 est.)
Labor force - by occupationagriculture: 7%
industry: 19%
services: 74% (2006 est.)
Unemployment rate5.8% (2015 est.)
5.7% (2014 est.)
Unemployment, youth ages 15-24total: 15%
male: 14.3%
female: 15.8% (2014 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Distribution of family income - Gini index36.2 (1997)
Budgetrevenues: $73.52 billion
expenditures: $73.34 billion (2015 est.)
Taxes and other revenues43.1% of GDP (2015 est.)
Budget surplus (+) or deficit (-)0.1% of GDP (2015 est.)
Public debt33.5% of GDP (2015 est.)
34.6% of GDP (2014 est.)
Inflation rate (consumer prices)0.3% (2015 est.)
1.2% (2014 est.)
Central bank discount rate2.5% (31 December 2009)
5% (31 December 2008)
Commercial bank prime lending rate5.5% (31 December 2015 est.)
5.8% (31 December 2014 est.)
Stock of narrow money$28.33 billion (31 December 2015 est.)
$33.16 billion (31 December 2014 est.)
Stock of broad money$105.1 billion (31 December 2014 est.)
$97.74 billion (31 December 2013 est.)
Stock of domestic credit$240.2 billion (31 December 2015 est.)
$271.8 billion (31 December 2014 est.)
Market value of publicly traded shares$79.8 billion (31 December 2012 est.)
$71.66 billion (31 December 2011)
$71.83 billion (31 December 2010 est.)
Agriculture - productsdairy products, sheep, beef, poultry, fruit, vegetables, wine, seafood, wheat and barley
Industriesagriculture, forestry, fishing, logs and wood articles, manufacturing, mining, construction, financial services, real estate services, tourism
Industrial production growth rate2.5% (2015 est.)
Current Account Balance-$5.249 billion (2015 est.)
-$6.185 billion (2014 est.)
Exports$34.33 billion (2015 est.)
$41.96 billion (2014 est.)
Exports - commoditiesdairy products, meat and edible offal, logs and wood articles, fruit, crude oil, wine
Exports - partnersChina 17.5%, Australia 16.9%, US 11.8%, Japan 6% (2015)
Imports$35.34 billion (2015 est.)
$41 billion (2014 est.)
Imports - commoditiespetroleum and products, mechanical machinery, vehicles and parts, electrical machinery, textiles
Imports - partnersChina 19.4%, Australia 11.8%, US 11.7%, Japan 6.6%, Germany 4.7%, Thailand 4.2% (2015)
Reserves of foreign exchange and gold$17.84 billion (31 December 2015 est.)
$15.86 billion (31 December 2014 est.)
Debt - external$189.8 billion (31 December 2014 est.)
$192.1 billion (31 December 2013 est.)
Stock of direct foreign investment - at home$87.6 billion (31 December 2015 est.)
$85.44 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad$59.08 billion (31 December 2009)
Exchange ratesNew Zealand dollars (NZD) per US dollar -
1.452 (2015 est.)
1.2039 (2014 est.)
1.2039 (2013 est.)
1.23 (2012 est.)
1.263 (2011 est.)
Fiscal year1 April - 31 March
note: this is the fiscal year for tax purposes

Source: CIA World Factbook
This page was last updated on October 8, 2016