New Zealand Economy Profile 2007

Economy - 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 many at the bottom of the ladder), broadened and deepened the technological capabilities of the industrial sector, and contained inflationary pressures. Per capita income has risen for eight consecutive years and reached $26,000 in 2006 in purchasing power parity terms. Consumer and government spending have driven growth in recent years, and exports picked up in 2006 after struggling for several years. Exports are equal to about 24% of GDP, down from 33 percent of GDP in 2001. Thus far the economy has been resilient, and the Labor Government promises that expenditures on health, education, and pensions will increase proportionately to output.

GDP (purchasing power parity)

$106 billion (2006 est.)

GDP (official exchange rate)

$98.77 billion (2006 est.)

GDP - real growth rate

1.9% (2006 est.)

GDP - per capita (PPP)

$26,000 (2006 est.)

GDP - composition by sector

agriculture: 4.3%
industry: 26.9%
services: 68.8% (2006 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA
highest 10%: NA (1991 est.)

Distribution of family income - Gini index

36.2 (1997)

Inflation rate (consumer prices)

3.8% (2006 est.)

Labor force

2.18 million (2006 est.)

Labor force - by occupation

agriculture: 10%
industry: 25%
services: 65% (1995)

Unemployment rate

3.8% (2006 est.)

Budget

revenues: $41.51 billion
expenditures: $36.99 billion; including capital expenditures of $NA (2006 est.)

Industries

food processing, wood and paper products, textiles, machinery, transportation equipment, banking and insurance, tourism, mining

Industrial production growth rate

1.2% (2006 est.)

Electricity - production

41.1 billion kWh (2004)

Electricity - consumption

38.22 billion kWh (2004)

Electricity - exports

0 kWh (2004)

Electricity - imports

0 kWh (2004)

Oil - production

27,860 bbl/day (2004 est.)

Oil - consumption

150,600 bbl/day (2004 est.)

Oil - exports

30,220 bbl/day (2001)

Oil - imports

119,700 bbl/day (2001)

Oil - proved reserves

89.62 million bbl (1 January 2002)

Natural gas - production

4.35 billion cu m (2004 est.)

Natural gas - consumption

4.349 billion cu m (2004 est.)

Natural gas - exports

0 cu m (2004 est.)

Natural gas - imports

0 cu m (2004 est.)

Natural gas - proved reserves

33.36 billion cu m (1 January 2005 est.)

Agriculture - products

wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef, lamb and mutton, dairy products; fish

Exports

$23.69 billion (2006 est.)

Exports - commodities

dairy products, meat, wood and wood products, fish, machinery

Exports - partners

Australia 21.4%, US 14.1%, Japan 10.6%, China 5.1%, UK 4.7% (2005)

Imports

$25.23 billion (2006 est.)

Imports - commodities

machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics

Imports - partners

Australia 20.9%, US 11%, Japan 11%, China 10.9%, Germany 4.9% (2005)

Debt - external

$47 billion (2006 est.)

Economic aid - donor

ODA, NA (2006 est.)

Currency (code)

New Zealand dollar (NZD)

Exchange rates

New Zealand dollars per US dollar - 1.5408 (2006), 1.4203 (2005), 1.5087 (2004), 1.7221 (2003), 2.1622 (2002)

Fiscal year

1 April - 31 March
note: this is the fiscal year for tax purposes

Investment (gross fixed)

22% of GDP (2006 est.)

Public debt

19.9% of GDP (2006 est.)

Current account balance

-$7.944 billion (2006 est.)

Reserves of foreign exchange and gold

$10 billion (2006 est.)