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ECONOMY OF NEW ZEALAND
New Zealand has a 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. [Source: CIA World Factbook, 2023]
Sectors of the Economy Composition of GDP by Origin) agriculture: 5.7 percent (2017 estimate)
industry: 21.5 percent (2017 estimate)
services: 72.8 percent (2017 estimate)
comparison rankings: agriculture 123; industry 136; services 59. [Source: CIA World Factbook, 2023]
Sectors of the Economy Composition of GDP by End Use) household consumption: 57.2 percent (2017 estimate)
government consumption: 18.2 percent (2017 estimate)
investment in fixed capital: 23.4 percent (2017 estimate)
investment in inventories: 0.3 percent (2017 estimate)
exports of goods and services: 27 percent (2017 estimate)
imports of goods and services: -26.1 percent (2017 estimate). [Source: CIA World Factbook, 2023]
Natural Resources: natural gas, iron ore, sand, coal, timber, hydropower, gold, limestoneIndustries: agriculture, forestry, fishing, logs and wood articles, manufacturing, mining, construction, financial services, real estate services, tourism. Industrial Production Growth -2.09 percent (2020 estimate); ranking compared to other countries in the world: 174. [Source: CIA World Factbook, 2023]
Credit Rating: 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. [Source: CIA World Factbook, 2023]
Fiscal Year: 1 April: 31 March. note: this is the fiscal year for tax purposes. [Source: CIA World Factbook, 2023]
Economic Statistics for New Zealand
Gross Domestic Product (GDP) (purchasing power parity): $219.839 billion (2021 estimate)
$211.966 billion (2020 estimate)
$214.655 billion (2019 estimate). note: data are in 2017 dollars; ranking compared to other countries in the world: 64. [Source: CIA World Factbook, 2023]
Growth: 3.71 percent (2021 estimate)
-1.25 percent (2020 estimate)
2.19 percent (2019 estimate); ranking compared to other countries in the world: 127. [Source: CIA World Factbook, 2023]
Per Capita GDP: $42,900 (2021 estimate)
$41,600 (2020 estimate)
$43,100 (2019 estimate). note: data are in 2017 dollars; ranking compared to other countries in the world: 42. [Source: CIA World Factbook, 2023]
GDP: (official exchange): $205.202 billion (2019 estimate). [Source: CIA World Factbook, 2023]
Inflation (consumer prices): 3.94 percent (2021 estimate)
1.71 percent (2020 estimate)
1.62 percent (2019 estimate); ranking compared to other countries in the world: 95. [Source: CIA World Factbook, 2023]
Gini Index Coefficient Distribution: 36.2 (1997); ranking compared to other countries in the world: 93. [Source: CIA World Factbook, 2023]
Average Household Expenditures: on food: 13.4 percent of household expenditures (2018 estimate)
on alcohol and tobacco: 4.8 percent of household expenditures (2018 estimate)
Labor and Unemployment in New Zealand
Labor Force: 2.911 million (2021 estimate); ranking compared to other countries in the world: 109. [Source: CIA World Factbook, 2023]
Labor Force by Occupation: agriculture: 6.6 percent; industry: 20.7 percent; services: 72.7 percent (2017 estimate). [Source: CIA World Factbook, 2023]
Unemployment Rate: 4.12 percent (2021 estimate)
4.59 percent (2020 estimate)
4.11 percent (2019 estimate); ranking compared to other countries in the world: 170. [Source: CIA World Factbook 2023]
Youth Unemployment Rate (ages 15-24): total: 11.4 percent; male: 12.2 percent; female: 10.6 percent (2021 estimate); ranking compared to other countries in the world: 140. [Source: CIA World Factbook 2023]
Trade and New Zealand
Current Account Balance: -$14.827 billion (2021 estimate)
-$2.014 billion (2020 estimate)
-$5.945 billion (2019 estimate); ranking compared to other countries in the world: 200. [Source: CIA World Factbook, 2023]
Exports: (data in current year dollars) $54.777 billion (2021 estimate); $50.544 billion (2020 estimate); $57.875 billion (2019 estimate) note: ranking compared to other countries in the world: 58. [Source: CIA World Factbook, 2023]
Main Exports: milk cream powders, lumber, beef, butter, mutton (2021). Export Partners: China 28 percent, Australia 14 percent, US 9 percent, Japan 6 percent (2019). [Source: CIA World Factbook, 2023]
Imports: (data in current year dollars) $62.862 billion (2021 estimate) note:
$48.104 billion (2020 estimate) note: data in current year dollars
$57.682 billion (2019 estimate) note: data in current year dollars; ranking compared to other countries in the world: 56. [Source: CIA World Factbook, 2023]
Import Partners: China 18 percent, Australia 15 percent, US 9 percent, Japan 6 percent, Germany 5 percent (2019). [Source: CIA World Factbook, 2023]
Main Imports: cars, crude petroleum, refined petroleum, delivery trucks, gas turbines (2019). [Source: CIA World Factbook, 2023]
New Zealand Debt and Foreign Reserves
Reserves of Foreign Exchange and Gold: $16.114 billion (31 December 2021 estimate)
$13.733 billion (31 December 2020 estimate)
$17.814 billion (31 December 2019 estimate); ranking compared to other countries in the world: 71. [Source: CIA World Factbook, 2023]
Debt (External): $190.621 billion (2019 estimate)
$192.327 billion (2018 estimate); ranking compared to other countries in the world: 41. [Source: CIA World Factbook, 2023]
Public Debt: 46.33 percent of GDP (2020 estimate)
32.7 percent of GDP (2019 estimate)
36.61 percent of GDP (2018 estimate); ranking compared to other countries in the world: 121. [Source: CIA World Factbook, 2023]
Currency Exchange Rates: New Zealand dollars (NZD) per US dollar
1.414 (2021 estimate)
1.542 (2020 estimate)
1.518 (2019 estimate)
1.445 (2018 estimate)
1.407 (2017 estimate)
[Source: CIA World Factbook, 2023]
Image Sources:
Text Sources: CIA World Factbook, 2023; “Encyclopedia of World Cultures, Volume 2: Oceania,” edited by Terence E. Hays, 1991, Wikipedia, New York Times, Washington Post, Los Angeles Times, Times of London, Lonely Planet Guides, Library of Congress, The Guardian, National Geographic, Smithsonian magazine, The New Yorker, Reuters, Associated Press, AFP, BBC, CNN, and various books, websites and other publications.
Last updated August 2023