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):
$189 billion (2017 est.)
$183.4 billion (2016 est.)
$176.1 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 68
[see also: GDP country ranks ]

GDP (official exchange rate):
$201.4 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3% (2017 est.)
4.1% (2016 est.)
4.2% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 114
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$39,000 (2017 est.)
$38,600 (2016 est.)
$37,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 48
[see also: GDP - per capita country ranks ]

Gross national saving:
21% of GDP (2017 est.)
21.5% of GDP (2016 est.)
20.2% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 89
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 57.2% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.2% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23.4% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.3% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 27% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -26.1% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 5.7% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 21.5% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 72.8% (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:
1.8% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 137
[see also: Industrial production growth rate country ranks ]

Labor force:
2.655 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 113
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 6.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 72.7% (2017 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.7% (2017 est.)
5.1% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 68
[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
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
36.2 (1997)
country comparison to the world (CIA rank, may be based on non-current data): 89
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 74.11 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 70.97 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
36.8% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 56
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
1.6% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 21
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
31.7% of GDP (2017 est.)
33.5% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 162
[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):
1.9% (2017 est.)
0.6% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 98
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.75% (31 December 2017)
1.75% (31 December 2016)
country comparison to the world (CIA rank, may be based on non-current data): 124
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.1% (31 December 2017 est.)
5.02% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 149
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$46.52 billion (31 December 2017 est.)
$42.01 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 55
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$46.52 billion (31 December 2017 est.)
$42.01 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 55
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$304.2 billion (31 December 2017 est.)
$284.7 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 36
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$80.05 billion (31 December 2015 est.)
$74.35 billion (31 December 2015 est.)
$74.42 billion (31 December 2014 est.)
country comparison to the world (CIA rank, may be based on non-current data): 46
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$5.471 billion (2017 est.)
-$4.171 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 186
[see also: Current account balance country ranks ]

Exports:
$37.35 billion (2017 est.)
$33.61 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 56
[see also: Exports country ranks ]

Exports - partners:
China 22.4%, Australia 16.4%, US 9.9%, Japan 6.1% (2017)

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

Imports:
$39.74 billion (2017 est.)
$35.53 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 58
[see also: Imports country ranks ]

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

Imports - partners:
China 19%, Australia 12.1%, US 10.5%, Japan 7.3%, Germany 5.3%, Thailand 4.6% (2017)

Reserves of foreign exchange and gold:
$20.68 billion (31 December 2017 est.)
$17.81 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 58
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$91.62 billion (31 December 2017 est.)
$84.03 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 51
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$84.19 billion (31 December 2017 est.)
$70.4 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 48
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$16.74 billion (31 December 2016 est.)
$18.03 billion (31 December 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 58
[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.)