New Zealand - Economy
How is the economy of New Zealand? Based on the information we have, New Zealand has a high-income, globally integrated Pacific island economy; strong agriculture, manufacturing, and tourism sectors; reliant on Chinese market for exports; slow recovery from post-COVID recession and inflation; challenges of fiscal deficits, below-average productivity, and curbing greenhouse gas emissions. Key agricultural products in this country include: milk, beef, kiwifruit, apples, grapes, lamb/mutton, potatoes, wheat, barley, onions (2022).
More about the economy of New Zealand
Labor force 3.068 million (2023 est.)
Industrial production growth rate -2.56% (2022 est.)
Industries agriculture, forestry, fishing, logs and wood articles, manufacturing, mining, construction, financial services, real estate services, tourism
Population below poverty line
Taxes and other revenues 29.93% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency New Zealand dollars (NZD) per US dollar -
Exchange rates 2023 1.628 (2023 est.)
Exchange rates 2022 1.577 (2022 est.)
Exchange rates 2021 1.414 (2021 est.)
Exchange rates 2020 1.542 (2020 est.)
Exchange rates 2019 1.518 (2019 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $15.487 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $14.4 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $16.114 billion (2021 est.)
Current account balance
Current account balance 2023 -$16.982 billion (2023 est.)
Current account balance 2022 -$21.627 billion (2022 est.)
Current account balance 2021 -$14.804 billion (2021 est.)
Public debt
Public debt 2022 54.57% of GDP (2022 est.)
Budget
Revenues $83.157 billion (2022 est.)
Expenditures $88.64 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0.24% of GDP (2023 est.)
Remittances 2022 0.23% of GDP (2022 est.)
Remittances 2021 0.26% of GDP (2021 est.)
Average household expenditures
On food 12.5% of household expenditures (2022 est.)
On alcohol and tobacco 4.9% of household expenditures (2022 est.)
Imports
Imports 2023 $68.429 billion (2023 est.)
Imports 2022 $71.35 billion (2022 est.)
Imports 2021 $62.984 billion (2021 est.)
Imports (partners) China 21%, Australia 14%, US 8%, South Korea 7%, Singapore 6% (2022)
Comodities Imports force refined petroleum, cars, plastic products, garments, trucks (2022)
Exports
Imports 2023 $68.429 billion (2023 est.)
Imports 2022 $71.35 billion (2022 est.)
Imports 2021 $62.984 billion (2021 est.)
Exports (partners) China 28%, Australia 11%, US 11%, Japan 6%, South Korea 4% (2022)
Comodities Exports force milk, beef, wood, sheep and goat meat, butter (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $254.77 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $253.17 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $246.334 billion (2021 est.)
GDP (official exchange rate) $253.466 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $48,800 (2023 est.)
Real GDP per capita 2022 $49,500 (2022 est.)
Real GDP per capita 2021 $48,200 (2021 est.)
GDP - composition, by sector of origin
Agriculture 5.8% (2021 est.)
Industry 19% (2021 est.)
Services 67.1% (2021 est.)
GDP - composition, by end use
Household consumption 58.2% (2022 est.)
Government consumption 21.1% (2022 est.)
Investment in fixed capital 25.4% (2022 est.)
Investment in inventories 0.4% (2022 est.)
Exports of goods and services 24.4% (2022 est.)
Imports of goods and services -29.7% (2022 est.)
Unemployment rate
Unemployment rate 2023 3.74% (2023 est.)
Unemployment rate 2022 3.3% (2022 est.)
Unemployment rate 2021 3.78% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 10.7% (2023 est.)
Male 10.9% (2023 est.)
Female 10.5% (2023 est.)
All Important Facts about New Zealand

Want to know more about New Zealand? Check all different factbooks for New Zealand below.

New Zealand is found in Australia and New Zealand