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.) |
| Debt - external | |
| Debt - external 2019 | $190.621 billion (2019 est.) |
| Debt - external 2018 | $192.327 billion (2018 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 | $76.694 billion (2020 est.) |
| Expenditures | $88.593 billion (2020 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 | 12.2% of household expenditures (2021 est.) |
| On alcohol and tobacco | 5.2% of household expenditures (2021 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 | 5.7% (2017 est.) |
| Industry | 21.5% (2017 est.) |
| Services | 72.8% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 57.2% (2017 est.) |
| Government consumption | 18.2% (2017 est.) |
| Investment in fixed capital | 23.4% (2017 est.) |
| Investment in inventories | 0.3% (2017 est.) |
| Exports of goods and services | 27% (2017 est.) |
| Imports of goods and services | -26.1% (2017 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.
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New Zealand Factbook
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The Economy of New Zealand
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Learn about the Government of New Zealand
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Communication in New Zealand
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Popular Universities in New Zealand
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Enerny in New Zealand
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Transport in New Zealand
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The Geography and society of New Zealand
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The Environment of New Zealand
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Military and security in New Zealand