Global InformationEconomy of New Zealand information
 Auckland's central business district at night | |
| Currency | New Zealand dollar (NZD, NZ$) |
|---|---|
Fiscal year | 1 July – 30 June[1] |
Trade organisations | APEC, CPTPP, WTO and OECD |
Country group |
|
| Statistics | |
| Population | 5,223,100 (June 2023 estimate)[4] |
| GDP |
|
| GDP rank |
|
GDP growth |
|
GDP per capita |
|
GDP by sector |
|
Inflation (CPI) |  7.3% (June 2022)[8] |
Population below poverty line | 11.0% (relative, 2014)[9] |
Gini coefficient | 33.9 medium (2019)[10] |
Human Development Index |
|
Labour force |
|
Labour force by occupation |
|
| Unemployment |
|
Average gross salary | NZ$5,882 / $3,456 monthly[14] (2022) |
Average net salary | NZ$4,698 / $2,759 monthly[15][16] (2022) |
Main industries | Food processing, Agriculture, Forestry, Wool, Tourism, Financial Services |
| External | |
| Exports | $72.8 billion (FY 2022/23)[17] |
Export goods | Dairy products, meat, logs and wood products, fruit, wine, machinery and equipment, fish and seafood |
Main export partners |
|
| Imports | $88.8 billion (FY 2022/23)[17] |
Import goods | Petroleum, vehicles, machinery and equipment, electronics, textiles, plastics |
Main import partners |
|
FDI stock |
|
Current account |  −$5.471 billion (2017 est.)[13] |
Gross external debt | NZ$156.181 billion (53% of GDP) (December 2018)[18] NZ$86.342 billion (30.5% of GDP) (Feb 2018)[19] |
| Public finances | |
Government debt |  31.7% of GDP (2017 est.)[13] |
Budget balance | +1.6% (of GDP) (2017 est.)[13] |
| Revenues | 74.11 billion (2017 est.)[13] |
| Expenses | 70.97 billion (2017 est.)[13] |
| Economic aid | As donor: $99.7 million (FY99/00) |
Credit rating |
|
Foreign reserves | $10.02 billion (June 2023 est.)[22] |
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars. | |
The economy of New Zealand is a highly developed free-market economy.[23] It is the 52nd-largest national economy in the world when measured by nominal gross domestic product (GDP) and the 62nd-largest in the world when measured by purchasing power parity (PPP). New Zealand has one of the most globalised economies and depends greatly on international trade, mainly with China, Australia, the European Union, the United States, and Japan. New Zealand's 1983 Closer Economic Relations agreement with Australia means that the economy aligns closely with that of Australia.
New Zealand's diverse economy is made up of various types of informal and formal organisations, divided between two sectors, public and private. It has a sizeable service sector, accounting for 63% of all GDP activity as of 2013[update].[24] As a large island nation New Zealand has abundant natural resources and mineral wealth.[25] Prominent manufacturing industries include aluminium production, food processing, metal fabrication, wood and paper products. Mining, manufacturing, electricity, gas, water, and waste services accounted for 16.5% of GDP as of 2013[update].[24] The primary sector continues to dominate New Zealand's exports, despite accounting for only 6.5% of GDP as of 2013[update].[24] The information technology sector is growing rapidly.[26]
The major capital market is the New Zealand Exchange (NZX). As of February 2023[update], NZX had a total of 338 listed securities, equity, debt and funds with a combined market capitalisation of NZD $226 billion.[27] New Zealand's currency, the New Zealand dollar (informally known as the "Kiwi dollar"), also circulates in four Pacific Island territories. The New Zealand dollar is the 10th-most traded currency in the world.[28]
- ^ "Year End Financial Statements". NZ Treasury. Retrieved 5 March 2017.
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
- ^ "Subnational population estimates (RC, SA2), by age and sex, at 30 June 1996-2023 (2023 boundaries)". Statistics New Zealand. Retrieved 25 October 2023. (regional councils); "Subnational population estimates (TA, SA2), by age and sex, at 30 June 1996-2023 (2023 boundaries)". Statistics New Zealand. Retrieved 25 October 2023. (territorial authorities); "Subnational population estimates (urban rural), by age and sex, at 30 June 1996-2023 (2023 boundaries)". Statistics New Zealand. Retrieved 25 October 2023. (urban areas)
- ^ a b c d "World Economic Outlook Database, October 2023 Edition. (NZ)". International Monetary Fund. 10 October 2023. Archived from the original on 19 October 2023. Retrieved 12 October 2023.
- ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. 11 April 2023.
- ^ "New Zealand Economic and Financial Overview" (PDF). New Zealand Treasury. 2012. pp. 19–23. Archived from the original (PDF) on 4 May 2017. Retrieved 17 March 2017.
- ^ "Annual inflation at 7.3 percent, 32-year high". Statistics New Zealand. 18 July 2022.
- ^ "Relative poverty rate at 50% of the median household income in OECD countries".
- ^ "Household income and housing-cost statistics: Year ended June 2019". Statistics New Zealand. Table 9. Archived from the original (Spreadsheet) on 24 February 2020. Retrieved 24 February 2020.
- ^ a b "Human Development Report 2023/24" (PDF). United Nations Development Programme. 13 March 2024. p. 288. Retrieved 13 March 2024.
- ^ a b c d e "Labour market statistics: June 2022 quarter | Stats NZ". www.stats.govt.nz. Stats NZ. Retrieved 3 August 2022.
- ^ a b c d e f g h "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 23 October 2019.
- ^ "Home".
- ^ "Taxing Wages 2023: Indexation of Labour Taxation and Benefits in OECD Countries | READ online".
- ^ "Home".
- ^ a b c d "Overseas merchandise trade: June 2023". Stats NZ. Retrieved 27 October 2023.
- ^ "Balance of Payments and International Investment Position – M7". Statistics New Zealand. Reserve Bank of New Zealand. 19 December 2018. Retrieved 23 February 2019.
- ^ "Financial Statements of the Government of New Zealand for the eight months ended 28 February 2018". New Zealand Treasury. 8 April 2018. Retrieved 17 February 2019.
- ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
- ^ a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. London. Retrieved 31 May 2011.
- ^ "New Zealand Foreign Exchange Reserves, 2005–2023 | CEIC Data". www.ceicdata.com. Retrieved 8 August 2023.
- ^ Hall, Peter A.; Soskice, David (2001). Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford University Press. p. 570. ISBN 978-0191647703.
- ^ a b c "New Zealand in Profile 2014: Economy". Statistics New Zealand. March 2011. Retrieved 9 December 2014.
- ^ Minerals, New Zealand Petroleum and. "Mineral resources potential". New Zealand Petroleum and Minerals. Retrieved 9 February 2024.
- ^ "NZ Tech – About the Tech Sector". Retrieved 7 January 2020.
- ^ "1. NZX Annual Report 2022 (including audited financial statements)" (PDF). NZX. 23 February 2023. Retrieved 26 October 2023.
- ^ "Triennial Central Bank Survey, April 2013" (PDF). Triennial Central Bank Survey. Bank for International Settlements. Retrieved 25 March 2014. [pg.10 of PDF]