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New Zealand Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











New Zealand Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Over the past 40 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 10 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, fueling a large balance of payments deficit that posed a challenge for policymakers. 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 and 2008. The higher rate attracted international capital inflows, which strengthened the currency and housing market while aggravating the current account deficit. Rising house prices, especially in Auckland, have become a political issue in recent years, as well as a policy challenge in 2016 and 2017, as the ability to afford housing has declined for many.Expanding New Zealand’s network of free trade agreements remains a top foreign policy priority. New Zealand was an early promoter of the Trans-Pacific Partnership (TPP) and was the second country to ratify the agreement in May 2017. Following the United States’ withdrawal from the TPP in January 2017, on 10 November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). In November 2016, New Zealand opened negotiations to upgrade its FTA with China; China is one of New Zealand’s most important trading partners.

GDP (purchasing power parity):
$185.7 billion (2017 est.) $179.5 billion (2016 est.) $173.3 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 70

GDP (official exchange rate):
$200.8 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.5% (2017 est.) 3.6% (2016 est.) 3.2% (2015 est.)
country comparison to the world: 95
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$38,500 (2017 est.) $37,800 (2016 est.) $37,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 47

Gross national saving:
21.1% of GDP (2017 est.) 20.5% of GDP (2016 est.) 20.1% of GDP (2015 est.)
country comparison to the world: 82
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 57.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.4%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 27.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -26.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.9%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 26.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 69.9% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
dairy products, sheep, beef, poultry, fruit, vegetables, wine, seafood, wheat and barley

Industries:
agriculture, forestry, fishing, logs and wood articles, manufacturing, mining, construction, financial services, real estate services, tourism

Industrial production growth rate:
2.5% (2017 est.)
country comparison to the world: 112
[see also: Industrial production growth rate country ranks ]

Labor force:
2.655 million (2017 est.)
country comparison to the world: 114
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19%
[see also: Labor force - by occupation - industry country ranks ]
services: 74% (2006 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.9% (2017 est.) 5.1% (2016 est.)
country comparison to the world: 67
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Distribution of family income - Gini index:
36.2 (1997)
country comparison to the world: 87
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $73.2 billion
[see also: Budget - revenues country ranks ]
expenditures: $71.9 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
36.4% of GDP (2017 est.)
country comparison to the world: 49
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.7% of GDP (2017 est.)
country comparison to the world: 21
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
32% of GDP (2017 est.) 33.3% of GDP (2016 est.)
country comparison to the world: 158
[see also: Public debt country ranks ]

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

Inflation rate (consumer prices):
2.2% (2017 est.) 0.6% (2016 est.)
country comparison to the world: 105
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.5% (31 December 2009) 5% (31 December 2008)
country comparison to the world: 113
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.9% (31 December 2017 est.) 5.02% (31 December 2016 est.)
country comparison to the world: 147
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$44.4 billion (31 December 2017 est.) $42.01 billion (31 December 2016 est.)
country comparison to the world: 56
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$199.9 billion (31 December 2017 est.) $190 billion (31 December 2016 est.)
country comparison to the world: 40
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$300.9 billion (31 December 2017 est.) $284.7 billion (31 December 2016 est.)
country comparison to the world: 38
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$74.35 billion (31 December 2015 est.) $74.42 billion (31 December 2014 est.) $65.96 billion (31 December 2013 est.)
country comparison to the world: 45
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$7.17 billion (2017 est.) -$5.013 billion (2016 est.)
country comparison to the world: 181
[see also: Current account balance country ranks ]

Exports:
$37.35 billion (2017 est.) $33.61 billion (2016 est.)
country comparison to the world: 55
[see also: Exports country ranks ]

Exports - commodities:
dairy products, meat and edible offal, logs and wood articles, fruit, crude oil, wine

Exports - partners:
China 19.4%, Australia 17.1%, US 10.9%, Japan 6.2% (2016)

Imports:
$38.74 billion (2017 est.) $35.53 billion (2016 est.)
country comparison to the world: 58
[see also: Imports country ranks ]

Imports - commodities:
petroleum and products, mechanical machinery, vehicles and parts, electrical machinery, textiles

Imports - partners:
China 19.9%, Australia 12.6%, US 11.3%, Japan 7.1%, Germany 4.8%, Thailand 4.5%, South Korea 4.2% (2016)

Reserves of foreign exchange and gold:
$18.32 billion (31 December 2017 est.) $17.81 billion (31 December 2016 est.)
country comparison to the world: 63
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$88.08 billion (31 December 2017 est.) $84.03 billion (31 December 2016 est.)
country comparison to the world: 54
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$78.25 billion (31 December 2017 est.) $77.31 billion (31 December 2016 est.)
country comparison to the world: 52
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$59.08 billion (31 December 2009)
country comparison to the world: 41
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
New Zealand dollars (NZD) per US dollar - 1.416 (2017 est.) 1.4341 (2016 est.) 1.4341 (2015 est.) 1.4279 (2014 est.) 1.2039 (2013 est.)


NOTE: 1) The information regarding New Zealand on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of New Zealand Economy 2018 information contained here. All suggestions for corrections of any errors about New Zealand Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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