New Zealand Economy - 2024

Economic overview

high-income Pacific island economy; strong agriculture, manufacturing, tourism, and energy sectors; reliant on Chinese market for exports; sustained growth; low unemployment; high living standards; sharp growth post COVID-19 lockdown

Real GDP (purchasing power parity)

$219.839 billion (2021 est.)
$211.966 billion (2020 est.)
$214.655 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.71% (2021 est.)
-1.25% (2020 est.)
2.19% (2019 est.)

Real GDP per capita

$42,900 (2021 est.)
$41,600 (2020 est.)
$43,100 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$205.202 billion (2019 est.)

Inflation rate (consumer prices)

3.94% (2021 est.)
1.71% (2020 est.)
1.62% (2019 est.)

Credit ratings

Fitch rating: AA (2011)

Moody's rating: Aaa (2002)

Standard & Poors rating: AA (2011)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 5.7% (2017 est.)

industry: 21.5% (2017 est.)

services: 72.8% (2017 est.)

GDP - composition, by end use

household consumption: 57.2% (2017 est.)

government consumption: 18.2% (2017 est.)

investment in fixed capital: 23.4% (2017 est.)

investment in inventories: 0.3% (2017 est.)

exports of goods and services: 27% (2017 est.)

imports of goods and services: -26.1% (2017 est.)

Agricultural products

milk, beef, kiwi fruit, apples, potatoes, mutton, grapes, wheat, barley, green onions/shallots

Industries

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

Industrial production growth rate

-2.09% (2020 est.)

Labor force

2.911 million (2021 est.)

Unemployment rate

4.12% (2021 est.)
4.59% (2020 est.)
4.11% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 11.4% (2021 est.)

male: 12.2%

female: 10.6%

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

36.2 (1997)

Average household expenditures

on food: 13.4% of household expenditures (2018 est.)

on alcohol and tobacco: 4.8% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

0.01% of GDP (2021 est.)
0.07% of GDP (2020 est.)
0.22% of GDP (2019 est.)

Budget

revenues: $76.694 billion (2020 est.)

expenditures: $88.593 billion (2020 est.)

Budget surplus (+) or deficit (-)

1.6% (of GDP) (2017 est.)

Public debt

46.33% of GDP (2020 est.)
32.7% of GDP (2019 est.)
36.61% of GDP (2018 est.)

Taxes and other revenues

27.5% (of GDP) (2020 est.)

Fiscal year

1 April - 31 March

note: this is the fiscal year for tax purposes

Current account balance

-$14.827 billion (2021 est.)
-$2.014 billion (2020 est.)
-$5.945 billion (2019 est.)

Exports

$54.777 billion (2021 est.) note: data are in current year dollars
$50.544 billion (2020 est.) note: data are in current year dollars
$57.875 billion (2019 est.) note: data are in current year dollars

Exports - partners

China 33%, Australia 12%, United States 11%, Japan 6%, South Korea 3% (2021)

Exports - commodities

milk cream powders, lumber, beef, butter, mutton (2021)

Imports

$62.862 billion (2021 est.) note: data are in current year dollars
$48.104 billion (2020 est.) note: data are in current year dollars
$57.682 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 22%, Australia 15%, United States 7%, Japan 6%, Thailand 5% (2021)

Imports - commodities

cars, refined petroleum, crude petroleum, delivery trucks, broadcasting equipment, gas turbines (2021)

Reserves of foreign exchange and gold

$16.114 billion (31 December 2021 est.)
$13.733 billion (31 December 2020 est.)
$17.814 billion (31 December 2019 est.)

Debt - external

$190.621 billion (2019 est.)
$192.327 billion (2018 est.)

Exchange rates

New Zealand dollars (NZD) per US dollar -

Exchange rates:
1.414 (2021 est.)
1.542 (2020 est.)
1.518 (2019 est.)
1.445 (2018 est.)
1.407 (2017 est.)