An Overview of the Economy
New Zealand has a reasonably stable economy but as the country
relies heavily on trade it can be vulnerable to international
market fluctuations. Its principle exports are agriculture-based.
Tourism plays a considerable role in New Zealand's economy,
constituting around 9% of the country's GDP and providing jobs for
a tenth of the native workforce. Unemployment is at a stable low of
3.4%, having successfully recovered from a recession in the early
1990s where unemployment hit 10%.
| Statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
111.7 |
| GDP (PPP) (CIA) (US$Billions) |
111.7 |
| GDP Growth (IMF) (%) |
3.0% |
| GDP Growth
(CIA)(%) |
3.0% |
| GDP Per Capita (PPP) (IMF) (US$) |
26,378 |
| GDP Per Capita (PPP) (CIA)
(US$) |
26,400 |
| GDP Per Sector |
Agriculture: 4.3%
Services: 69.6%
Industry: 26.2%
|
| Inflation (%) |
2.4% |
| Population below the poverty line (%) |
- |
| Labour Force (Millions) |
2.2 |
| Labour Force by Occupation (%) |
Agriculture: 7%
Services: 74%
Industry: 19% |
| Unemployment (%) |
3.5% |
| Main Industries |
Food processing, wood and paper products,
textiles, machinery, transportation equipment,
banking and insurance, tourism, mining. |
Sources: CIA World Factbook, IMF
GDP
| Economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
79.7 |
98.1 |
109.1 |
105.34 |
128.1 |
| GDP Annual Growth (%) |
3.5% |
4.5% |
2.8% |
1.6% |
3.0% |
| GDP Per Capita (US$) |
19,745 |
23,964 |
26,328 |
25,128 |
30,255 |
| GDP Per Capita (PPP) (US$) |
22,050 |
23,403 |
24,351 |
25,202 |
26,378 |
| Inflation (%) |
- |
2.7% |
3.2% |
2.7% |
3.0% |
| Unemployment (%) |
5.3% |
4.7% |
4.2% |
3.7% |
3.8% |
Foreign Exchange
& Gold Reserves (US$Billions) |
- |
5.1 |
4.8 |
8.9 |
10.0 |
| Mobile Phone Users |
2,200,000 |
2,599,000 |
2,599,000 |
3,530,000 |
3,530,000 |
| Internet Users |
2,060,000 |
2,110,000 |
2,110,000 |
3,200,000 |
3,200,000 |
Sources: IMF, CIA World Factbook
Major Exports & Imports
New Zealand has a healthy trading industry, with its principle
exports being largely agriculture based – dairy, meat, wood and
fish, as well as machinery. Its main trading partners are
Australia, the United States and Japan, although a smaller
percentage of trade is also conducted with China and the United
Kingdom.
Major Exports 2007
Dairy products, meat, wood and wood products, fish,
machinery.
Major imports 2007
Machinery and equipment, vehicles and aircraft, petroleum,
electronics, textiles, plastics.
| Export Partners 2007 |
% of total |
| Australia |
20.5% |
| US |
13.1% |
| Japan |
10.3% |
| China |
5.4% |
| UK |
4.9% |
| Import partners 2007 |
% of total |
| Australia |
20.5% |
| China |
12.3% |
| US |
11.8% |
| Japan |
9.2% |
| Germany |
4.4% |
| Singapore |
4.4% |
Source: CIA World Factbook
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