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New Zealand:
Economy

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Economy - overview
Definition
Over the past 20 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 many at the bottom of the ladder - and broadened and deepened the technological capabilities of the industrial sector. Per capita income has risen for eight consecutive years and reached $27,300 in 2007 in purchasing power parity terms. Consumer and government spending have driven growth in recent years, and exports picked up in 2006 after struggling for several years. Exports were equal to about 22% of GDP in 2007, down from 33% of GDP in 2001. Thus far the economy has been resilient, and the Labor Government promises that expenditures on health, education, and pensions will increase proportionately to output. Inflationary pressures have built in recent years and the central bank raised its key rate 13 times since January 2004 to finish 2007 at 8.25%. A large balance of payments deficit poses another challenge in managing the economy.
GDP (purchasing power parity)
Definition - World rank and map
$111.7 billion (2007 est.)
GDP (official exchange rate)
Definition
$128.1 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
3% (2007 est.)
GDP - per capita
Definition - World rank and map
$26,400 (2007 est.)
GDP - composition by sector
Definition
agriculture: 4.8%
industry: 26%
services: 69.3% (2007 est.)
Labor force
Definition
2.233 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 7%
industry: 19%
services: 74% (2006 est.)
Unemployment rate
Definition - World rank and map
3.6% (2007 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: %NA
highest 10%: %NA
Distribution of family income - Gini index
Definition - World rank and map
36.2 (1997)
Inflation rate (consumer prices)
Definition - World rank and map
2.4% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
23.1% of GDP (2007 est.)
Budget
Definition
revenues: $57.84 billion
expenditures: $53.7 billion (2007 est.)
Public debt
Definition - World rank and map
20.7% of GDP (2007 est.)
Agriculture - products
Definition
dairy products, lamb and mutton; wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef; fish
Industries
Definition
food processing, wood and paper products, textiles, machinery, transportation equipment, banking and insurance, tourism, mining
Industrial production growth rate
Definition - World rank and map
0.3% (2007 est.)
Electricity - production
Definition - World rank and map
42.06 billion kWh (2006 est.)
Electricity - consumption
Definition - World rank and map
37.39 billion kWh (2006 est.)
Electricity - consumption per capita
Definition - World rank and map
8,959 kWh (2006 est.)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
25,880 bbl/day (2006 est.)
Oil - consumption
Definition - World rank and map
156,000 bbl/day (2006 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
37.4 bbl/day (2006 est.)
Oil - exports
Definition - World rank and map
15,720 bbl/day (2004)
Oil - imports
Definition - World rank and map
140,900 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
55.5 million bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
3.9 billion cu m (2006 est.)
Natural gas - consumption
Definition - World rank and map
3.7 billion cu m (2006 est.)
Natural gas - consumption per capita
Definition - World rank and map
887 cu m (2006 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
29.67 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$10.38 billion (2007 est.)
Exports
Definition - World rank and map
$27.26 billion (2007 est.)
Exports - commodities
Definition
dairy products, meat, wood and wood products, fish, machinery
Exports - partners
Definition
Australia 22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6% (2006)
Imports
Definition - World rank and map
$28.97 billion (2007 est.)
Imports - commodities
Definition
machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics
Imports - partners
Definition
Australia 20.7%, China 13.4%, US 9.7%, Japan 9.5%, Singapore 4.9%, Germany 4.7% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$17.25 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$50.07 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$66.92 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$NA
Market value of publicly traded shares
Definition
$40.62 billion (2005)
Economic aid - donor
Definition
ODA, $259 million (2006)
Currency (code)
Definition
New Zealand dollar (NZD)
Exchange rates
Definition
New Zealand dollars per US dollar - 1.3811 (2007), 1.5408 (2006), 1.4203 (2005), 1.5087 (2004), 1.7221 (2003)
Fiscal year
Definition
1 April - 31 March
note: this is the fiscal year for tax purposes


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