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Economy - overview:
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Since 1984 the government has accomplished major economic restructuring, transforming 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 many at the bottom of the ladder), broadened and deepened the technological capabilities of the industrial sector, and contained inflationary pressures. While per capita incomes have been rising, however, they remain below the level of the four largest EU economies, and there is some government concern that New Zealand is not closing the gap. New Zealand is heavily dependent on trade - particularly in agricultural products - to drive growth, and it has been affected by the global economic slowdown and the slump in commodity prices. Thus far the New Zealand economy has been relatively resilient, although growth may slow to 2.5% in 2003.
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GDP:
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purchasing power parity - $78.4 billion (2002 est.)
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GDP - real growth rate:
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3.3% (2002 est.)
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GDP - per capita:
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purchasing power parity - $20,100 (2002 est.)
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GDP - composition by sector:
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agriculture: 8%
industry: 23%
services: 69% (2001)
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Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: 0.3%
highest 10%: 29.8% (1991 est.)
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Inflation rate (consumer prices):
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2.7% (2002 est.)
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Labor force:
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1.92 million (2001 est.)
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Labor force - by occupation:
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services 65%, industry 25%, agriculture 10% (1995)
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Unemployment rate:
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5.3% (2002 est.)
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Budget:
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revenues: $29.2 billion
expenditures: $31.2 billion, including capital expenditures of $NA (2002)
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Industries:
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food processing, wood and paper products, textiles, machinery, transportation equipment, banking and insurance, tourism, mining
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Industrial production growth rate:
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3% (2001 est.)
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Electricity - production:
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37.51 billion kWh (2001)
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Electricity - production by source:
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fossil fuel: 31.6%
hydro: 57.8%
other: 10.7% (2001)
nuclear: 0%
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Electricity - consumption:
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34.88 billion kWh (2001)
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Electricity - exports:
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0 kWh (2001)
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Electricity - imports:
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0 kWh (2001)
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Oil - production:
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42,160 bbl/day (2001 est.)
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Oil - consumption:
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132,700 bbl/day (2001 est.)
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Oil - exports:
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30,220 bbl/day (2001)
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Oil - imports:
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119,700 bbl/day (2001)
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Oil - proved reserves:
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89.62 million bbl (37257)
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Natural gas - production:
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6.504 billion cu m (2001 est.)
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Natural gas - consumption:
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6.504 billion cu m (2001 est.)
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Natural gas - exports:
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0 cu m (2001 est.)
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Natural gas - imports:
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0 cu m (2001 est.)
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Natural gas - proved reserves:
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58.94 billion cu m (37257)
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Agriculture - products:
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wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef, dairy products; fish
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Exports:
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$15 billion (2002 est.)
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Exports - commodities:
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dairy products, meat, wood and wood products, fish, machinery
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Exports - partners:
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Australia 20.3%, US 15.5%, Japan 11.5%, UK 4.8%, China 4.6%, South Korea 4.4% (2002)
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Imports:
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$12.5 billion (2001 est.)
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Imports - commodities:
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machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics
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Imports - partners:
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Australia 22.1%, US 13.6%, Japan 12%, China 8%, Germany 5.2% (2002)
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Debt - external:
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$33 billion (2002 est.)
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Economic aid - donor:
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ODA, $99.7 million
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Currency:
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New Zealand dollar (NZD)
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Currency code:
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NZD
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Exchange rates:
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New Zealand dollars per US dollar - 2.16 (2002), 2.38 (2001), 2.2 (2000), 1.89 (1999), 1.87 (1998)
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Fiscal year:
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1 July - 30 June
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