|
|
Advertisements:
EconomyEconomy - overview
Over 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 1.7% growth in 2010 and 2% in 2011. 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) World Ranking: 65
$123.8 billion (2011 est.)
$122 billion (2010 est.) $120.5 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$161.9 billion (2011 est.)
Gdp - real growth rate World Ranking: 173
1.4% (2011 est.)
1.2% (2010 est.) -2.1% (2009 est.) Gdp - per capita (ppp) World Ranking: 48
$28,000 (2011 est.)
$27,900 (2010 est.) $27,900 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 4.8%
Industry 24.5% Services 70.7% (2011 est.) Labor force World Ranking: 113
2.364 million (2011 est.)
Labor force - by occupation
Agriculture 7%
Industry 19% Services 74% (2006 est.) Unemployment rate World Ranking: 69
6.5% (2011 est.)
6.5% (2010 est.) Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA% Distribution of family income - gini index World Ranking: 83
36.2 (1997)
Investment (gross fixed) World Ranking: 101
19.7% of GDP (2011 est.)
Budget
Revenues $60.9 billion
Expenditures $74.71 billion (2011 est.) Taxes and other revenues World Ranking: 57
37.6% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 188
-8.5% of GDP (2011 est.)
Public debt World Ranking: 94
35.7% of GDP (2011 est.)
27.5% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 100
4% (2011 est.)
2.3% (2010 est.) Central bank discount rate World Ranking: 70
2.5% (31 December 2009)
5% (31 December 2008) Commercial bank prime lending rate World Ranking: 95
6.11% (31 December 2011 est.)
10.095% (31 December 2010 est.) Stock of narrow money World Ranking: 65
$22.14 billion (31 December 2011 est.) $20.56 billion (31 December 2010 est.) Stock of broad money World Ranking: 45
$154.6 billion (31 December 2011 est.) $145.3 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 39
$242.2 billion (31 December 2011 est.) $236.2 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 56
$71.66 billion (31 December 2011) $36.3 billion (31 December 2010) $67.06 billion (31 December 2009) Agriculture - products
Dairy products, lamb and mutton; wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef; fish Industries
Food processing, wood and paper products, textiles, machinery, transportation equipment, banking and insurance, tourism, mining Industrial production growth rate World Ranking: 130
1.5% (2011 est.)
Electricity - production World Ranking: 53
42 billion kWh (2009 est.)
Electricity - consumption World Ranking: 54
39.02 billion kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 58
60,480 bbl/day (2010 est.)
Oil - consumption World Ranking: 65
149,700 bbl/day (2010 est.)
Oil - exports World Ranking: 79
47,200 bbl/day (2009 est.)
Oil - imports World Ranking: 58
138,000 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 68
112.5 million bbl (1 January 2011 est.) Natural gas - production World Ranking: 50
4.481 billion cu m (2010 est.)
Natural gas - consumption World Ranking: 63
4.481 billion cu m (2010 est.)
Natural gas - exports World Ranking: 153
0 cu m (2010 est.)
Natural gas - imports World Ranking: 102
0 cu m (2010 est.)
Natural gas - proved reserves World Ranking: 70
34.38 billion cu m (1 January 2011 est.) Current account balance World Ranking: 170
-$7.111 billion (2011 est.)
-$4.994 billion (2010 est.) Exports World Ranking: 62
$37.54 billion (2011 est.)
$31.88 billion (2010 est.) Exports - commodities
Dairy products, meat, wood and wood products, fish, machinery Exports - partners
Australia 22.2%, China 12.5%, US 8.5%, Japan 7.1% (2011) Imports World Ranking: 62
$35.53 billion (2011 est.)
$29.54 billion (2010 est.) Imports - commodities
Machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics Imports - partners
China 16.1%, Australia 15.9%, US 10.4%, Japan 6.3%, Singapore 4.6%, Germany 4.3% (2011) Reserves of foreign exchange and gold World Ranking: 63
$17.01 billion (31 December 2011 est.) $16.72 billion (31 December 2010 est.) Debt - external World Ranking: 49
$85.65 billion (31 December 2011 est.) $81.1 billion (31 December 2010 est.) Stock of direct foreign investment - at home World Ranking: 45
$72.63 billion (31 December 2011 est.) $70.51 billion (31 December 2010 est.) Stock of direct foreign investment - abroad
$NA (31 December 2010)
$59.08 billion (31 December 2009) Exchange rates
New Zealand dollars (NZD) per US dollar - 1.2658 (2011 est.)1.3874 (2010 est.) 1.6002 (2009) 1.4151 (2008) 1.3811 (2007) Fiscal year
1 April - 31 March
Note This is the fiscal year for tax purposes
Comments
Add a new comment: |
Advertisement
Members area
New Zealand (Wellington):
 
GPS points from New Zealand (Wellington)
|
||||||||
The Polynesian Maori reached New Zealand in about A.D. 800. In 1840, their chieftains entered into a compact with Britain, the Treaty of Waitangi, in which they ceded sovereignty to Queen Victoria while retaining territorial rights. In that same year, the British began the first organized colonial settlement. A series of land wars between 1843 and 1872 ended with the defeat of the native peoples. The British colony of New Zealand became an independent dominion in 1907 and supported the UK militarily in both world wars. New Zealand's full participation in a number of defense alliances lapsed by the 1980s. In recent years, the government has sought to address longstanding Maori grievances.