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; recovery trajectory following deep post-pandemic recession; challenges of fiscal deficits, below-average productivity, cost of living, and drop in net migration

. Key agricultural products in this country include: milk, beef, kiwifruit, apples, grapes, lamb/mutton, potatoes, wheat, barley, chicken (2023).
More about the economy of New Zealand
Labor force 3.124 million (2024 est.)
Industrial production growth rate -1% (2023 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 29.6% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency New Zealand dollars (NZD) per US dollar -
Exchange rates 2024 1.652 (2024 est.)
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.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2024 $22.065 billion (2024 est.)
Reserves of foreign exchange and gold 2023 $15.487 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $14.4 billion (2022 est.)
Current account balance
Current account balance 2024 -$15.978 billion (2024 est.)
Current account balance 2023 -$17.065 billion (2023 est.)
Current account balance 2022 -$21.627 billion (2022 est.)
Public debt
Public debt 2022 54% of GDP (2022 est.)
Budget
Revenues $83.167 billion (2022 est.)
Expenditures $91.782 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0.3% of GDP (2023 est.)
Remittances 2022 0.2% of GDP (2022 est.)
Remittances 2021 0.3% of GDP (2021 est.)
Average household expenditures
On food 12.8% of household expenditures (2023 est.)
On alcohol and tobacco 4.7% of household expenditures (2023 est.)
Imports
Imports 2024 $67.998 billion (2024 est.)
Imports 2023 $68.412 billion (2023 est.)
Imports 2022 $71.35 billion (2022 est.)
Imports (partners) China 20%, Australia 11%, USA 9%, S. Korea 7%, Japan 7% (2023)
Comodities Imports force refined petroleum, cars, gas turbines, broadcasting equipment, trucks (2023)
Exports
Imports 2024 $67.998 billion (2024 est.)
Imports 2023 $68.412 billion (2023 est.)
Imports 2022 $71.35 billion (2022 est.)
Exports (partners) China 28%, USA 12%, Australia 12%, Japan 6%, S. Korea 3% (2023)
Comodities Exports force milk, wood, beef, butter, sheep and goat meat (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024 $257.117 billion (2024 est.)
Real GDP (purchasing power parity) 2023 $257.443 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $253.903 billion (2022 est.)
GDP (official exchange rate) $260.236 billion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $48,200 (2024 est.)
Real GDP per capita 2023 $49,100 (2023 est.)
Real GDP per capita 2022 $49,600 (2022 est.)
GDP - composition, by sector of origin
Agriculture 4.6% (2022 est.)
Industry 19.6% (2022 est.)
Services 67.4% (2022 est.)
GDP - composition, by end use
Household consumption 57.5% (2022 est.)
Government consumption 20.9% (2022 est.)
Investment in fixed capital 25.4% (2022 est.)
Investment in inventories 0.9% (2022 est.)
Exports of goods and services 24% (2022 est.)
Imports of goods and services -29.4% (2022 est.)
Unemployment rate
Unemployment rate 2024 4.9% (2024 est.)
Unemployment rate 2023 3.8% (2023 est.)
Unemployment rate 2022 3.3% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 14.3% (2024 est.)
Male 14.6% (2024 est.)
Female 14% (2024 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