New Zealand´s Economy

New Zealand´s Economy

New Zealand has a small, open economy that operates on free market principles.

It has substantial manufacturing and service sectors complementing a very efficient export-oriented agricultural sector. New Zealand is highly dependent on the primary sector with commodities accounting for around half of total goods exports. Exports of goods and services account for around one-third of real expenditure GDP.

In 2012 the World Bank named New Zealand 'the number one country for protecting investors', previously in 2005 the World Bank praised New Zealand as being the most business-friendly country in the world. In addition, Forbes named New Zealand the best country for business in 2012.

New Zealand’s high proportion of winter sunshine hours and considerable rainfall provide an ideal resource base for pastoral agriculture, forestry, horticulture and hydro-electicity generation. Hydro-electricity provides a relatively cheap source of energy and has allowed the development of energy-based industries such as aluminium refinement. New Zealand is also a popular overseas visitor destination and tourism is an important source of export income.

Over the last quarter of a century, the New Zealand economy has changed from being one of the most regulated in the OECD to one of the least regulated.

 Source: New Zealand economic and financial overview 2013.New Zealand Government.

 

Economic Indicators:

Economic indicators

Total

Year end

Population

 

4,452,300

31-Dec-12

Nominal GDP (NZ$million)¹

 

208,688

31-Dec-12

Nominal GDP growth (%)

 

2.5

31-Dec-12

Nominal GDP per capita (NZ$)²

 

45,769

31-Mar-12

Real GDP (NZ$million)³

 

142,774

31-Dec-12

Real GDP growth (%)

 

1.5

31-Dec-12

Real GDP per capita (NZ$)⁴

 

32,341

31-Dec-12

CPI inflation (%)

 

0.9

02-Feb-13

Unemployment rate (%)

 

6.6

02-Feb-13

Total merchandise exports (fob, actual values, NZ$million)

 

48,020

31-Dec-12

Total merchandise imports (cif, actual values, NZ$million)

 

53,740

31-Dec-12

Trade surplus / deficit (current prices, NZ$million)

 

-5,720

31-Dec-12

Export of services (NZ$million)

 

13,713

31-Dec-12

Import of services (NZ$million)

 

14,824

31-Dec-12

Stock of New Zealand's direct investment abroad (NZ$million)

 

23,225

31-Dec-12

Stock of foreign investment in New Zealand (NZ$million)

 

99,268

31-Dec-12

 

 

¹ Expenditure on GDP in current prices
² Expenditure on GDP in current prices per capita
³ Includes unallocated taxes on production and imports, bank service charge, and balancing items
⁴ GDP in 95/96 prices per capital

Source: Statistics New Zealand, Reserve Bank of New Zealand, retrieved December, 2013.

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