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New Zealand Economy Profile 2014

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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 pulled out of recession late in 2009, and achieved 2-3% per year growth in 2010-13. 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)$136 billion (2013 est.)
$132.7 billion (2012 est.)
$129.2 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$181.1 billion (2013 est.)
GDP - real growth rate2.5% (2013 est.)
2.7% (2012 est.)
1.4% (2011 est.)
GDP - per capita (PPP)$30,400 (2013 est.)
$29,900 (2012 est.)
$29,300 (2011 est.)
note: data are in 2013 US dollars
Gross national saving15.9% of GDP (2013 est.)
14.5% of GDP (2012 est.)
14.5% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 58.1%
government consumption: 19.9%
investment in fixed capital: 20.2%
investment in inventories: 0.5%
exports of goods and services: 30%
imports of goods and services: -28.7%
(2013 est.)
GDP - composition by sectoragriculture: 5%
industry: 25.5%
services: 69.5% (2013 est.)
Population below poverty lineNA%
Labor force2.413 million (2013 est.)
Labor force - by occupationagriculture: 7%
industry: 19%
services: 74% (2006 est.)
Unemployment rate6.4% (2013 est.)
6.9% (2012 est.)
Unemployment, youth ages 15-24total: 17.7%
male: 17.3%
female: 18.1% (2012)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Distribution of family income - Gini index36.2 (1997)
Budgetrevenues: $69.17 billion
expenditures: $72.65 billion (2013 est.)
Taxes and other revenues38.2% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-1.9% of GDP (2013 est.)
Public debt38.4% of GDP (2013 est.)
38.1% of GDP (2012 est.)
Inflation rate (consumer prices)1.3% (2013 est.)
1.1% (2012 est.)
Central bank discount rate2.5% (31 December 2009)
5% (31 December 2008)
Commercial bank prime lending rate5.7% (31 December 2013 est.)
5.82% (31 December 2012 est.)
Stock of narrow money$30.03 billion (31 December 2013 est.)
$29.87 billion (31 December 2012 est.)
Stock of broad money$91.28 billion (31 December 2013 est.)
$84.55 billion (31 December 2012 est.)
Stock of domestic credit$256.3 billion (31 December 2013 est.)
$265.6 billion (31 December 2012 est.)
Market value of publicly traded shares$NA (31 December 2012 est.)
$71.66 billion (31 December 2011)
$71.83 billion (31 December 2010 est.)
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, insurance, tourism, mining
Industrial production growth rate1.9% (2013 est.)
Current Account Balance-$8.358 billion (2013 est.)
-$8.508 billion (2012 est.)
Exports$37.84 billion (2013 est.)
$37.87 billion (2012 est.)
Exports - commoditiesdairy products, meat, wood and wood products, fish, machinery
Exports - partnersAustralia 21.1%, China 15%, US 9.2%, Japan 7% (2012)
Imports$37.35 billion (2013 est.)
$37.04 billion (2012 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$20.01 billion (31 December 2013 est.)
$17.58 billion (31 December 2012 est.)
Debt - external$81.36 billion (31 December 2013 est.)
$85.18 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$84.2 billion (31 December 2013 est.)
$81.36 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$59.08 billion (31 December 2009)
Exchange ratesNew Zealand dollars (NZD) per US dollar -
1.247 (2013 est.)
1.2334 (2012 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 August 23, 2014