Economy

Economy—overview: Since 1984 the government has accomplished major economic restructuring moving an agrarian economy dependent on a 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. Business confidence strengthened in 1994 and export demand picked up in the Asia-Pacific region resulting in 6.2% growth. Growth continued strong in 1995 but tailed off in 1996-97. Inflation remains among the lowest in the industrial world. Per capita GDP has been moving up to the levels of the big West European economies. However the Asian economic crisis may slow GDP growth in 1998.

GDP: purchasing power parity—$63.4 billion (1997 est.)

GDP—real growth rate: 2.5% (1997 est.)

GDP—per capita: purchasing power parity—$17 700 (1997 est.)

GDP—composition by sector:

agriculture: 7.3%

industry: 25.9%

services: 66.8% (1990)

Inflation rate—consumer price index: 2% (1997 est.)

Labor force:

total: 1 634 500 (September 1995)

by occupation: services 64.6% industry 25.0% agriculture 10.4% (1994)

Unemployment rate: 5.9% (December 1996)

Budget:

revenues: $24.1 billion

expenditures: $21.8 billion including capital expenditures of $NA (FY95/96 est.)

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

Industrial production growth rate: NA%

Electricity—capacity: 7.747 million kW (1995)

Electricity—production: 33.696 billion kWh (1995)

Electricity—consumption per capita: 9 889 kWh (1995)

Agriculture—products: wheat barley potatoes pulses fruits vegetables; wool meat dairy products; fish catch reached a record 503 000 metric tons in 1988

Exports:

total value: $18.5 billion (1997 est.)

commodities: wool lamb mutton beef fish cheese chemicals forestry products fruits and vegetables manufactures dairy products wood

partners: Australia 19% Japan 15% UK 15% US 12%

Imports:

total value: $19.2 billion (1997 est.)

commodities: machinery and equipment vehicles and aircraft petroleum consumer goods plastics

partners: Australia 21% US 18% Japan 16% UK 6%

Debt—external: $28.5 billion (FY95/96 est.)

Economic aid:

donor: ODA $98 million (1993)

Currency: 1 New Zealand dollar (NZ$) = 100 cents

Exchange rates: New Zealand dollars (NZ$) per US$1—1.7283 (January 1998) 1.5083 (1997) 1.4543 (1996) 1.5235 (1995) 1.6844 (1994) 1.8495 (1993)

Fiscal year: 1 July—30 June