Economy - overview Since 1984 the government has accomplished major economic restructuring, transforming 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. While per capita incomes have been rising, however, they remain below the level of the four largest EU economies, and there is some government concern that New Zealand is not closing the gap. New Zealand is heavily dependent on trade - particularly in agricultural products - to drive growth, and it has been affected by the global economic slowdown and the slump in commodity prices. Thus far the New Zealand economy has been relatively resilient, achieving about 3% growth in 2001, but the New Zealand business cycle tends to lag the US cycle by about six months, so the worst of the downturn may not hit until mid-2002.

GDP purchasing power parity - $75.4 billion (2001 est.)

GDP - real growth rate 3.1% (2001 est.)

GDP - per capita purchasing power parity - $19,500 (2001 est.)

GDP - composition by sector
agriculture: 8%
industry: 23%
services: 69% (1999)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: 0.3%
highest 10%: 29.8% (1991 est.)

Inflation rate (consumer prices) 2.6% (2001 est.)

Labor force 1.92 million (2001 est.)

Labor force - by occupation services 65%, industry 25%, agriculture 10% (1995)

Unemployment rate 5.5% (2001 est.)

Budget
revenues: $16.7 billion
expenditures: $16.6 billion, including capital expenditures of $NA (FY00/01)

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

Industrial production growth rate 3% (2001 est.)

Electricity - production 35.823 billion kWh (2000)

Electricity - production by source
fossil fuel: 26.55%
hydro: 66.45%
other: 7% (2000)
nuclear: 0%

Electricity - consumption 33.315 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef, dairy products; fish

Exports $14.2 billion (2001 est.)

Exports - commodities dairy products, meat, wood and wood products, fish, machinery

Exports - partners Australia 20.4%, US 14.5%, Japan 13.5%, UK 5.4%, South Korea, China (2000)

Imports $12.5 billion (2001 est.)

Imports - commodities machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics

Imports - partners Australia 22.5%, US 17.5%, Japan 11%, UK 4%, China, Germany (2000)

Debt - external $31.1 billion (2001 est.)

Economic aid - donor ODA, $99.7 million (FY00/01)

Currency New Zealand dollar (NZD)

Currency code NZD

Exchange rates New Zealand dollars per US dollar - 2.3535 (January 2002), 2.3776 (2001), 2.1863 (2000), 1.8886 (1999), 1.8632 (1998), 1.5083 (1997)

Fiscal year 1 July - 30 June

NOTE: The information regarding New Zealand on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of New Zealand Economy 2002 information contained here. All suggestions for corrections of any errors about New Zealand Economy 2002 should be addressed to the CIA.