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World > Oceania > New Zealand > Economy (Facts)

New Zealand - Economy (Facts)
Economy - overview: 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), broadened and deepened the technological capabilities of the industrial sector, and contained inflationary pressures. Per capita income has risen for eight consecutive years and reached $26,000 in 2006 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 are equal to about 24% of GDP, down from 33 percent 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.
GDP - real growth rate: 1.5% (2006 est.)
GDP (purchasing power parity): $106.9 billion (2006 est.)
GDP (official exchange rate): $98.39 billion (2006 est.)
GDP - per capita (PPP): $26,200 (2006 est.)
GDP - composition by sector: agriculture: 4.3%
industry: 26.9%
services: 68.8% (2006 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA (1991 est.)
Inflation rate (consumer prices): 3.8% (2006 est.)
Labor force: 2.18 million (2006 est.)
Labor force - by occupation: agriculture: 10%
industry: 25%
services: 65% (1995)
Unemployment rate: 3.8% (2006 est.)
Budget: revenues: $41.51 billion
expenditures: $36.99 billion; including capital expenditures of NA (2006 est.)
Industries: food processing, wood and paper products, textiles, machinery, transportation equipment, banking and insurance, tourism, mining
Industrial production growth rate: 1.2% (2006 est.)
Electricity - production: 41.1 billion kWh (2004)
Electricity - consumption: 38.22 billion kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 27,860 bbl/day (2004 est.)
Oil - consumption: 150,600 bbl/day (2004 est.)
Oil - exports: 15,720 bbl/day (2004)
Oil - imports: 140,900 bbl/day (2004)
Oil - proved reserves: 51.48 million bbl (1 January 2005)
Natural gas - production: 4.35 billion cu m (2004 est.)
Natural gas - exports: 0 cu m (2004 est.)
Natural gas - imports: 0 cu m (2004 est.)
Agriculture - products: wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef, lamb and mutton, dairy products; fish
Exports: $23.69 billion (2006 est.)
Exports - commodities: dairy products, meat, wood and wood products, fish, machinery
Exports - partners: Australia 20.5%, US 13.1%, Japan 10.3%, China 5.4%, UK 4.9% (2006)
Imports: $25.23 billion (2006 est.)
Imports - commodities: machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics
Imports - partners: Australia 20.5%, China 12.3%, US 11.8%, Japan 9.2%, Germany 4.4%, Singapore 4.4% (2006)
Debt - external: $47 billion (2006 est.)
Currency: New Zealand Dollar (NZD)

Current New Zealand Dollar Exchange Rates
Historical New Zealand Dollar Exchange Rates
Chart New Zealand Dollar Exchange Rates
Currency code: NZD
Exchange rates: New Zealand dollars per US dollar - 1.5408 (2006), 1.4203 (2005), 1.5087 (2004), 1.7221 (2003), 2.1622 (2002)
Fiscal year: 1 April - 31 March
note: this is the fiscal year for tax purposes


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - New Zealand Dollar Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
New Zealand Dollar Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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