Economy - overview Since 1984 the government has accomplished major economic restructuring, moving an agrarian economy dependent on a concessionary British market access toward a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes, broadened and deepened the technological capabilities of the industrial sector, and contained inflationary pressures. Business confidence strengthened in 1994, and export demand picked up in the Asia-Pacific region, resulting in 6.2% growth. Growth continued strong in 1995, but tailed off in 1996-97. Inflation remains among the lowest in the industrial world. Per capita GDP has been moving up to the levels of the big West European economies. However, the Asian economic crisis may slow GDP growth in 1998.

GDP purchasing power parity - $63.4 billion (1997 est.)

GDP - real growth rate 2.5% (1997 est.)

GDP - per capita purchasing power parity - $17,700 (1997 est.)

GDP - composition by sector
agriculture: 7.3%
industry: 25.9%
services: 66.8% (1990)

Inflation rate - consumer price index 2% (1997 est.)

Labor force
total: 1,634,500 (September 1995)
by occupation: services 64.6%, industry 25.0%, agriculture 10.4% (1994)

Unemployment rate 5.9% (December 1996)

Budget
revenues: $24.1 billion
expenditures: $21.8 billion, including capital expenditures of $NA (FY95/96 est.)

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

Industrial production growth rate NA%

Electricity - capacity 7.747 million kW (1995)

Electricity - production 33.696 billion kWh (1995)

Electricity - consumption per capita 9,889 kWh (1995)

Agriculture - products wheat, barley, potatoes, pulses, fruits, vegetables; wool, meat, dairy products; fish catch reached a record 503,000 metric tons in 1988

Exports
total value: $18.5 billion (1997 est.)
commodities: wool, lamb, mutton, beef, fish, cheese, chemicals, forestry products, fruits and vegetables, manufactures, dairy products, wood
partners: Australia 19%, Japan 15%, UK 15%, US 12%

Imports
total value: $19.2 billion (1997 est.)
commodities: machinery and equipment, vehicles and aircraft, petroleum, consumer goods, plastics
partners: Australia 21%, US 18%, Japan 16%, UK 6%

Debt - external $28.5 billion (FY95/96 est.)

Economic aid
donor: ODA, $98 million (1993)

Currency 1 New Zealand dollar (NZ$) = 100 cents

Exchange rates New Zealand dollars (NZ$) per US$1 - 1.7283 (January 1998), 1.5083 (1997), 1.4543 (1996), 1.5235 (1995), 1.6844 (1994), 1.8495 (1993)

Fiscal year 1 July - 30 June

NOTE: The information regarding New Zealand on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of New Zealand Economy 1998 information contained here. All suggestions for corrections of any errors about New Zealand Economy 1998 should be addressed to the CIA.