New Zealand

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 some at the bottom of the ladder - and broadened and deepened the technological capabilities of the industrial sector. Per capita income rose for ten consecutive years until 2007 in purchasing power parity terms, but fell in 2008-09. Debt-driven consumer spending drove robust growth in the first half of the decade, helping fuel a large balance of payments deficit that posed a challenge for economic managers. Inflationary pressures caused the central bank to raise its key rate steadily from January 2004 until it was among the highest in the OECD in 2007-08; international capital inflows attracted to the high rates further strengthened the currency and housing market, however, aggravating the current account deficit. The economy fell into recession before the start of the global financial crisis and contracted for five consecutive quarters in 2008-09. In line with global peers, the central bank cut interest rates aggressively and the government developed fiscal stimulus measures. The economy posted a 1.7% decline in 2009, but pulled out of recession late in the year, and achieved 2.1% growth in 2010. Nevertheless, key trade sectors remain vulnerable to weak external demand. The government plans to raise productivity growth and develop infrastructure, while reining in government spending.

$119.2 billion (2010 est.)

$116.8 billion (2009 est.)

$118.8 billion (2008 est.)

$138 billion (2010 est.)

2.1% (2010 est.)

-1.7% (2009 est.)

-0.2% (2008 est.)

$28,000 (2010 est.)

$27,700 (2009 est.)

$28,500 (2008 est.)

2.32 million (2010 est.)

6.5% (2010 est.)

6.2% (2009 est.)

NA%

36.2 (1997)

19.6% of GDP (2010 est.)

25.5% of GDP (2010 est.)

22.2% of GDP (2009 est.)

2.6% (2010 est.)

2.1% (2009 est.)

2.5% (31 December 2009)

5% (31 December 2008)

10.39% (31 December 2009 est.)

12.21% (31 December 2008 est.)

$24.15 billion (31 December 2010 est)

$21.81 billion (31 December 2009 est)

$118.1 billion (31 December 2010 est.)

$108.9 billion (31 December 2009 est.)

$206.2 billion (31 December 2010 est.)

$180.5 billion (31 December 2009 est.)

$67.06 billion (31 December 2009)

$24.17 billion (31 December 2008)

$47.45 billion (31 December 2007)

dairy products, lamb and mutton; wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef; fish

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

2% (2010 est.)

42.4 billion kWh (2007 est.)

39.24 billion kWh (2007 est.)

0 kWh (2008 est.)

0 kWh (2008 est.)

61,150 bbl/day (2009 est.)

154,100 bbl/day (2009 est.)

54,560 bbl/day (2008 est.)

143,900 bbl/day (2008 est.)

60 million bbl (1 January 2010 est.)

4.305 billion cu m (2009 est.)

4.32 billion cu m (2009 est.)

0 cu m (2008 est.)

NA (2008 est.)

33.98 billion cu m (1 January 2010 est.)

-$4.504 billion (2010 est.)

-$3.693 billion (2009 est.)

$33.24 billion (2010 est.)

$25.35 billion (2009 est.)

dairy products, meat, wood and wood products, fish, machinery

Australia 23.36%, US 9.64%, China 9.21%, Japan 7.1%, UK 4.21% (2009)

$30.24 billion (2010 est.)

$23.95 billion (2009 est.)

machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics

Australia 18.4%, China 15.09%, US 10.45%, Japan 7.24%, Germany 4.16%, Singapore 4.12% (2009)

$17.85 billion (31 December 2010 est.)

$15.59 billion (31 December 2009 est.)

$64.33 billion (31 December 2010 est.)

$62.47 billion (31 December 2009 est.)

$67.18 billion (31 December 2010 est.)

$66.63 billion (31 December 2009 est.)

$NA (31 December 2009)

$59.08 billion (31 December 2008)

New Zealand dollars (NZD) per US dollar - 1.4015 (2010), 1.6002 (2009), 1.4151 (2008), 1.3811 (2007), 1.5408 (2006)