Economy of New Zealand

Economy of New Zealand
	Auckland's central business district at night
Currency	New Zealand dollar (NZD, NZ$)
Fiscal year	1 July – 30 June
Trade organisations	APEC, CPTPP, WTO and OECD
Country group	Developed/Advanced; High-income economy;
Statistics
Population	5,223,100 (June 2023 estimate)
GDP	US$249 billion (nominal, 2023); US$279 billion (PPP, 2023);
GDP rank	46th (nominal, 2023); 52nd (PPP, 2023);
GDP growth	2.4% (2022); 1.1% (2023f); 0.8% (2024f);
GDP per capita	US$48,071 (nominal, 2023); US$53,809 (PPP, 2023);
GDP by sector	Primary industries: 7.6%; Manufacturing: 12.2%; Services: 71%; (2011);
Inflation (CPI)	7.3% (June 2022)
Population below poverty line	11.0% (relative, 2014)
Gini coefficient	33.9 medium (2019)
Human Development Index	0.939 very high (2022) (16th); 0.856 very high IHDI (17th) (2022);
Labour force	2.820 million (Q2 2022); 68.5% employment rate (Q2 2022); 70.8% labour force participation rate (Q2 2022);
Labour force by occupation	Agriculture: 6.6%; Industry: 20.7%; Services: 72.7%; (2017 est.);
Unemployment	3.3% (Q2 2022); 96 thousand (Q2 2022);
Average gross salary	NZ$5,882 / $3,456 monthly (2022)
Average net salary	NZ$4,698 / $2,759 monthly (2022)
Main industries	Food processing, Agriculture, Forestry, Wool, Tourism, Financial Services
External
Exports	$72.8 billion (FY 2022/23)
Export goods	Dairy products, meat, logs and wood products, fruit, wine, machinery and equipment, fish and seafood
Main export partners	China 28.2%; Australia 12.6%; United States 11.3%; European Union 6.4%; Japan 5.7%; (FY 2022/3);
Imports	$88.8 billion (FY 2022/23)
Import goods	Petroleum, vehicles, machinery and equipment, electronics, textiles, plastics
Main import partners	China 21.6%; European Union 14.7%; Australia 10.8%; United States 9.4%; South Korea 7.1%; (FY 2022/23);
FDI stock	$84.19 billion (31 December 2017 est.); Abroad: $16.74 billion (31 December 2016 est.);
Current account	−$5.471 billion (2017 est.)
Gross external debt	NZ$156.181 billion (53% of GDP) (December 2018) NZ$86.342 billion (30.5% of GDP) (Feb 2018)
Public finances
Government debt	31.7% of GDP (2017 est.)
Budget balance	+1.6% (of GDP) (2017 est.)
Revenues	74.11 billion (2017 est.)
Expenses	70.97 billion (2017 est.)
Economic aid	As donor: $99.7 million (FY99/00)
Credit rating	Standard & Poor's: AAA (Domestic); AA+ (Foreign); AAA (T&C assessment); Outlook: Negative; ; Moody's: AAA; Outlook: Stable; ; Fitch: AA+; Outlook: Negative; ;
Foreign reserves	$10.02 billion (June 2023 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of New Zealand is a highly developed free-market economy. It is the 52nd-largest national economy in the world when measured by nominal gross domestic product (GDP) and the 62nd-largest in the world when measured by purchasing power parity (PPP). New Zealand has one of the most globalised economies and depends greatly on international trade, mainly with China, Australia, the European Union, the United States, and Japan. New Zealand's 1983 Closer Economic Relations agreement with Australia means that the economy aligns closely with that of Australia.

New Zealand's diverse economy is made up of various types of informal and formal organisations, divided between two sectors, public and private. It has a sizeable service sector, accounting for 63% of all GDP activity as of 2013. As a large island nation New Zealand has abundant natural resources and mineral wealth. Prominent manufacturing industries include aluminium production, food processing, metal fabrication, wood and paper products. Mining, manufacturing, electricity, gas, water, and waste services accounted for 16.5% of GDP as of 2013. The primary sector continues to dominate New Zealand's exports, despite accounting for only 6.5% of GDP as of 2013. The information technology sector is growing rapidly.

The major capital market is the New Zealand Exchange (NZX). As of February 2023, NZX had a total of 338 listed securities, equity, debt and funds with a combined market capitalisation of NZD $226 billion. New Zealand's currency, the New Zealand dollar (informally known as the "Kiwi dollar"), also circulates in four Pacific Island territories. The New Zealand dollar is the 10th-most traded currency in the world.

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