New Zealand (2008) | New Zealand (2007) | |
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Agriculture - products | dairy products, lamb and mutton; wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef; fish | wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef, lamb and mutton, dairy products; fish |
Budget | revenues: $54.36 billion
expenditures: $48.51 billion (2007 est.) |
revenues: $45.04 billion
expenditures: $40.98 billion (2006 est.) |
Debt - external | $50.02 billion (31 December 2007 est.) | $45.81 billion (2006 est.) |
Economic aid - donor | ODA, $276 million (2006 est.) | ODA, NA (2006 est.) |
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 - and broadened and deepened the technological capabilities of the industrial sector. Per capita income has risen for eight consecutive years and reached $27,800 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. | 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. |
Electricity - consumption | 37.39 billion kWh (2006 est.) | 38.55 billion kWh (2005) |
Electricity - production | 42.06 billion kWh (2006 est.) | 41.59 billion kWh (2005) |
Exchange rates | New Zealand dollars per US dollar - 1.3811 (2007), 1.5408 (2006), 1.4203 (2005), 1.5087 (2004), 1.7221 (2003) | New Zealand dollars per US dollar - 1.5408 (2006), 1.4203 (2005), 1.5087 (2004), 1.7221 (2003), 2.1622 (2002) |
GDP - composition by sector | agriculture: 4.3%
industry: 26.2% services: 69.6% (2007 est.) |
agriculture: 4.3%
industry: 26.9% services: 68.8% (2006 est.) |
GDP - real growth rate | 3% (2007 est.) | 1.5% (2006 est.) |
Industrial production growth rate | 1.8% (2007 est.) | 1.2% (2006 est.) |
Inflation rate (consumer prices) | 2.5% (2007 est.) | 3.4% (2006 est.) |
International organization participation | ADB, ANZUS (US suspended security obligations to NZ on 11 August 1986), APEC, ARF, ASEAN (dialogue partner), Australia Group, BIS, C, CP, EAS, EBRD, FAO, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, NAM (guest), NSG, OECD, OPCW, PCA, PIF, Sparteca, SPC, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNMIS, UNMIT, UNTSO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO | ANZUS (US suspended security obligations to NZ on 11 August 1986), APEC, ARF, AsDB, ASEAN (dialogue partner), Australia Group, BIS, C, CP, EAS, EBRD, FAO, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, NAM (guest), NSG, OECD, OPCW, PCA, PIF, Sparteca, SPC, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNMIS, UNTSO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO |
Labor force | 2.23 million (2007 est.) | 2.199 million (2006 est.) |
Labor force - by occupation | agriculture: 7%
industry: 19% services: 74% (2006 est.) |
agriculture: 10%
industry: 25% services: 65% (1995) |
Military branches | New Zealand Defense Force (NZDF): New Zealand Army, Royal New Zealand Navy, Royal New Zealand Air Force (2008) | New Zealand Defense Force (NZDF): New Zealand Army, Royal New Zealand Navy, Royal New Zealand Air Force (2006) |
Pipelines | condensate 331 km; gas 1,896 km; liquid petroleum gas 172 km; oil 288 km; refined products 260 km (2007) | condensate 224 km; gas 1,693 km; liquid petroleum gas 45 km; oil 280 km; refined products 288 km (2006) |
Telephone system | general assessment: excellent domestic and international systems
domestic: NA international: country code - 64; the Southern Cross submarine cable system provides links to Australia, Fiji, and US; satellite earth stations - 1 InMarSat (Pacific Ocean), 7 other |
general assessment: excellent domestic and international systems
domestic: NA international: country code - 64; submarine cables to Australia and Fiji; satellite earth stations - 1 InMarSat (Pacific Ocean), 7 other |
Unemployment rate | 3.5% (2007 est.) | 3.8% (2006 est.) |