Travel and tourism, transport, ICT, insurance and finance, milk, butter, lamb, wood, cheese, wine, electronics, machinery, automobiles, metals and textiles are major industries of New Zealand. In 2017, Agriculture industry contributed 5.7% to GDP of New Zealand. Manufacturing had a share of 21.5% while services industry had a share of 72.8% of GDP in 2017.
In 2018, Services industry exports was valued at USD 17.4 billion for New Zealand. Electronics export accounted for USD 701 million, machinery for USD 1.99 billion, vehicles for USD 358 million, chemicals for USD 2.44 billion, metals for USD 1.58 billion, minerals for USD 1.10 billion, stone for USD 547 million, textiles for USD 875 million and agriculture for USD 28.3 billion in 2018.
New Zealand is an island country in the southwestern Pacific Ocean. The country geographically comprises two main landmasses, that of the North Island, or Te Ika-a-Māui, and the South Island, or Te Waipounamu – and numerous smaller islands. New Zealand is situated some 900 miles east of Australia across the Tasman Sea and roughly 600 miles south of the Pacific island areas of New Caledonia, Fiji, and Tonga. Because of its remoteness, it was one of the last lands to be settled by humans.
New Zealand had estimated population of 5.089 million in the year 2020 which is expected to be 5.338 million by 2024, growing at a CAGR of 1.20%.
New Zealand’s real gross domestic product (GDP) was NZD 253.01 billion in 2019 and due to COVID-19 outbreak it is estimated to shrink by 7.212% to be around NZD 234.76 billion in 2020.
New Zealand’s unemployment rate was 4.05% of total labor force in 2019. Due to slowdown in global economic activity due to COVID-19 pandemic the unemployment is expected to increase by 56.09% and reach 9.223% in 2020. Unemployment is further estimated to decrease in 2021 by 35.35% and reach 6.814% of total labor force in New Zealand.
New Zealand's per capita GDP was estimated at USD 41,988.60 in 2019 whereas purchasing power parity (PPP) based per capita GDP was estimated to be at USD 41,179.13.
The output gap for New Zealand in 2019 was positive at 0.303% of the potential GDP.
In 2019, New Zealand government’s revenue was estimated at NZD 114.309 billion whereas the expenditure was estimated at NZD 113.874 billion. This is expected to result in New Zealand government’s net lending / borrowing positive at NZD 0.435 billion in 2019 indicating that enough financial resources were made available by the government to boost economic growth.
The current account balance for New Zealand has remained negative since 2014. It was estimated at USD -9.192 billion for the year 2019 and is expected to decrease at a CAGR of 2.73% and reach USD -10.52 by 2024. This negative current account balance indicates that New Zealand will remain net borrower from rest of the world till 2024.
In World Bank’s ease of doing business ranking New Zealand was ranked 1 out of 190 countries in 2019. New Zealand’s ease of doing business ranking remained unchanged from 1st position in 2018.
*If Applicable.