Economy - overview: Since 1984 the government has accomplished major economic restructuring, moving an agrarian economy dependent on concessionary British market access toward a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes, broadened and deepened the technological capabilities of the industrial sector, and contained inflationary pressures. Inflation remains among the lowest in the industrial world. Per capita GDP has been moving up toward the levels of the big West European economies. New Zealand's heavy dependence on trade leaves its growth prospects vulnerable to economic performance in Asia, Europe, and the US. With the FY00/01 budget pushing up pension and other public outlays, the government's ability to meet fiscal targets will depend on sustained economic growth.

GDP: purchasing power parity - $67.6 billion (2000 est.)

GDP - real growth rate: 3.6% (2000 est.)

GDP - per capita: purchasing power parity - $17,700 (2000 est.)

GDP - composition by sector:
agriculture: 8%
industry: 23%
services: 69% (1999)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: 0.3%
highest 10%: 29.8% (1991 est.)

Inflation rate (consumer prices): 2.4% (2000 est.)

Labor force: 1.88 million (2000)

Labor force - by occupation: services 65%, industry 25%, agriculture 10% (1995)

Unemployment rate: 6.3% (2000 est.)

Budget:
revenues: $19.2 billion
expenditures: $19.2 billion, including capital expenditures of $NA (1999 est.)

Industries: food processing, wood and paper products, textiles, machinery, transportation equipment, banking and insurance, tourism, mining

Industrial production growth rate: 6.2% (2000)

Electricity - production: 37.952 billion kWh (1999)

Electricity - production by source:
fossil fuel: 30.49%
hydro: 61.42%
nuclear: 0%
other: 8.09% (1999)

Electricity - consumption: 35.295 billion kWh (1999)

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

Agriculture - products: wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef, dairy products; fish

Exports: $14.6 billion (f.o.b., 2000 est.)

Exports - commodities: dairy products, meat, fish, wool, forestry products, manufactures

Exports - partners: Australia 22%, US 14%, Japan 13%, UK 7% (1999)

Imports: $14.3 billion (f.o.b., 2000 est.)

Imports - commodities: machinery and equipment, vehicles and aircraft, petroleum, consumer goods, plastics

Imports - partners: Australia 24%, US 17%, Japan 12%, UK 4% (1999)

Debt - external: $30.8 billion (2000 est.)

Economic aid - donor: ODA, $123 million (1995)

Currency: New Zealand dollar (NZD)

Currency code: NZD

Exchange rates: New Zealand dollars per US dollar - 2.2502 (January 2001), 2.1863 (2000), 1.8886 (1999), 1.8632 (1998), 1.5083 (1997), 1.4543 (1996)

Fiscal year: 1 July - 30 June

NOTE: The information regarding New Zealand on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of New Zealand Economy 2001 information contained here. All suggestions for corrections of any errors about New Zealand Economy 2001 should be addressed to the CIA.