New Zealand/Economy

Economy - overview: Since 1984 the government has accomplished major economic restructuring, moving an agrarian economy dependent on 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. Inflation remains among the lowest in the industrial world. Per capita GDP has been moving up toward the levels of the big West European economies. New Zealand's heavy dependence on trade leaves its growth prospects vulnerable to economic performance in Asia, Europe, and the US. Moderate growth probably will characterize 2000.

GDP: purchasing power parity - $63.8 billion (1999 est.)

GDP - real growth rate: 3.1% (1999 est.)

GDP - per capita: purchasing power parity - $17,400 (1999 est.)

GDP - composition by sector:
agriculture: 8%
industry: 23%
services: 69% (1998)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 1.3% (1999 est.)

Labor force: 1.86 million (1998)

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

Unemployment rate: 7% (1999 est.)

Budget:
revenues: $24.9 billion
expenditures: $23.7 billion, including capital expenditures of $NA (FY97/98 est.)

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

Industrial production growth rate: NA%

Electricity - production: 35.789 billion kWh (1998)

Electricity - production by source:
fossil fuel: 27.17%
hydro: 65.82%
nuclear: 0%
other: 7.01% (1998)

Electricity - consumption: 33.284 billion kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

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

Exports: $12.2 billion (f.o.b., 1998 est.)

Exports - commodities: dairy products, meat, fish, wool, forestry products, manufactures

Exports - partners: Australia 21%, Japan 13%, US 13%, UK 6% (1998)

Imports: $11.2 billion (f.o.b., 1998 est.)

Imports - commodities: machinery and equipment, vehicles and aircraft, petroleum, consumer goods, plastics

Imports - partners: Australia 22%, US 20%, Japan 11%, UK 5% (1998)

Debt - external: $53 billion (1998)

Economic aid - donor: ODA, $123 million (1995)

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

Exchange rates: New Zealand dollars (NZ$) per US$1 - 1.9451 (January 2000), 1.8886 (1999), 1.8632 (1998), 1.5083 (1997), 1.4543 (1996), 1.5235 (1995)

Fiscal year: 1 July - 30 June