Economy - overview Since 1984 the government has accomplished major economic restructuringfrom an agrarian economy dependent on a concessionary British market accesstoward a more industrialized, open, free market economy that can compete globally.This dynamic growth has boosted real incomes, broadened and deepened the technologicalcapabilities of the industrial sector, and contained inflationary pressures.Business confidence strengthened in 1994, and export demand picked up in theAsia-Pacific region, resulting in 6.2% growth. Growth continued strong in1995, but tailed off in 1996. Inflation remains among the lowest in the industrialworld. Per capita GDP now is up to the levels of the big West European economies.

GDP purchasing power parity - $65.6 billion (1996 est.)

GDP - real growth rate 2.8% (1996 est.)

GDP - per capita purchasing power parity - $18,500 (1996 est.)

GDP - composition by sector
agriculture: 7.3%
industry: 25.9%
services : 66.8% (1990)

Inflation rate - consumer price index 2.8% (1996 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 : $22.18 billion
expenditures: $20.28 billion, including capital expenditures of $NA (FY95/96 est.)

Industries food processing, wood and paper products, textiles, machinery, transportationequipment, banking and insurance, tourism, mining

Industrial production growth rate NA%

Electricity - capacity 7.75 million kW (1994)

Electricity - production 34.4 billion kWh (1995)

Electricity - consumption per capita 9,198 kWh (1995 est.)

Agriculture - products wheat, barley, potatoes, pulses, fruits, vegetables; wool, meat, dairyproducts; fish catch reached a record 503,000 metric tons in 1988

Exports
total value: $13.7 billion (1995)
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 : $14 billion (1995)
commodities: machinery and equipment, vehicles and aircraft, petroleum, consumergoods, plastics
partners: Australia 21%, US 18%, Japan 16%, UK 6%

Debt - external $38.5 billion (September 1994)

Economic aid
donor: ODA, $98 million (1993)

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

Exchange rates New Zealand dollars (NZ$) per US$1 - 1.4247 (January 1997), 1.4543 (1996),1.5235 (1995), 1.6844 (1994), 1.8495 (1993), 1.8584 (1992)

Fiscal year 1 July - 30 June

NOTE: The information regarding New Zealand on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of New Zealand Economy 1997 information contained here. All suggestions for corrections of any errors about New Zealand Economy 1997 should be addressed to the CIA.