New Zealand - Economic Indicators
Asia-Pacific Daily Briefing: Expect More Rate Cuts in New Zealand
Jul 16, 2019
Download the full Asia-Pacific Daily Briefing New Zealand's headline CPI growth came in above expectations in the June quarter with a 0.6% q/q acceleration, following a 0.1% gain in the March stanza. Yearly headline inflation climbed to 1.7% in the June quarter, after the 1.5% pickup in the prior quarter. Petrol and to a lesser extent rent were behind the uptick. Petrol prices increased by 5.8% q/q in the June quarter, after falling by 7% in the first...
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| GDP | Reference | Last | Previous | Units | Frequency |
|---|---|---|---|---|---|
| Private Consumption | 2019 Q1 | 43,593 | 43,441 | Mil. NZD, SA | Quarterly |
| Real Private Consumption | 2019 Q1 | 39,047 | 38,874 | Mil. Ch. 2009/2010 NZD, SA | Quarterly |
| Nominal Gross Domestic Product | 2019 Q1 | 75,015 | 74,110 | Mil. NZD, SA | Quarterly |
| Investment | 2019 Q1 | 17,934 | 17,337 | Mil. NZD, SA | Quarterly |
| Real Fixed Investment (gross fixed capital formation) | 2019 Q1 | 15,758 | 15,392 | Mil. Ch. 2009/2010 NZD, SA | Quarterly |
| Real Investment | 2019 Q1 | 14,862 | 15,095 | Mil. Ch. 2009/2010 NZD, SA | Quarterly |
| Real Government Consumption | 2019 Q1 | 11,491 | 11,389 | Mil. Ch. 2009/2010 NZD, SA | Quarterly |
| Nominal Fixed Investment (gross fixed capital formation) | 2019 Q1 | 17,934 | 17,337 | Mil. NZD, SA | Quarterly |
| Real Gross Domestic Product | 2019 Q1 | 62,800 | 62,282 | Mil. Ch. 2009/2010 NZD, SA | Quarterly |
| Government Consumption | 2019 Q1 | 13,801 | 13,537 | Mil. NZD, SA | Quarterly |
| Price | Reference | Last | Previous | Units | Frequency |
| Consumer Price Index (CPI) | 2019 Q2 | 1,032 | 1,026 | Index 2017Q2=1000, NSA | Quarterly |
| Producer Price Index (PPI) | 2019 Q1 | 1,148 | 1,158 | Index 2010=1000, NSA | Quarterly |
| Labor | Reference | Last | Previous | Units | Frequency |
| Wage & Salaries | 2019 Q1 | 1,974,524 | 1,948,161 | Ths. NZD, SA | Quarterly |
| Unemployment Rate | 2019 Q1 | 4.2 | 4.3 | %, SA | Quarterly |
| Unemployment | 2019 Q1 | 116 | 120 | Ths. #, SA | Quarterly |
| Labor Force | 2019 Q1 | 2,774 | 2,783 | Ths. #, SA | Quarterly |
| Labor Force Employment | 2019 Q1 | 2,658 | 2,662 | Ths. #, SA | Quarterly |
| Total Employment | 2018 | 2,238,800 | 2,161,300 | #, As at February, NSA | Annual |
| Tertiary Industries Employment | 2018 | 1,320,100 | 1,277,800 | #, As at February, NSA | Annual |
| Agriculture Employment | 2017 | 176,765 | 169,705 | # | Annual |
| Trade | Reference | Last | Previous | Units | Frequency |
| Exports of Goods | May 2019 | 5,805 | 5,504 | Mil. NZD, NSA | Monthly |
| Balance of Goods | May 2019 | 264 | 383 | Mil. NZD, NSA | Monthly |
| Imports of Goods | May 2019 | 5,541 | 5,122 | Mil. NZD, NSA | Monthly |
| Real Exports of Goods and Services | 2019 Q1 | 18,626 | 18,119 | Mil. Ch. 2009/2010 NZD, SA | Quarterly |
| Imports of Goods and Services | 2019 Q1 | 21,148 | 21,135 | Mil. NZD, SA | Quarterly |
| Real Imports of Goods and Services | 2019 Q1 | 21,552 | 21,405 | Mil. Ch. 2009/2010 NZD, SA | Quarterly |
| Net Exports | 2019 Q1 | -93 | -61 | Mil. NZD, SA | Quarterly |
| Exports of Goods and Services | 2019 Q1 | 21,055 | 21,074 | Mil. NZD, SA | Quarterly |
| Real Net Exports | 2019 Q1 | -2,926 | -3,286 | Mil. Ch. 2009/2010 NZD, SA | Quarterly |
| Current Account Balance | 2018 Q4 | -2,471 | -2,494 | Mil. NZD, SA | Quarterly |
| Markets | Reference | Last | Previous | Units | Frequency |
| Lending Rate | 18 Jul 2019 | 1.5 | 1.5 | Percent, NSA | Daily |
| Treasury Bills (over 31 days) | 17 Jul 2019 | 1.55 | 1.56 | % p.a., NSA | Business Daily |
| Average Long-term Government Bond | 17 Jul 2019 | 1.6 | 1.6 | % p.a., NSA | Business Daily |
| Stock Market Index | 16 Jul 2019 | 10,651 | 10,666 | Index, NSA | Daily |
| Money Market Rate | 03 Jan 2019 | 1.69 | % p.a., NSA | Business Daily | |
| Business Lending Rate | Jan 2017 | 4.67 | 4.6 | % p.a., NSA | Monthly |
| Real Estate | Reference | Last | Previous | Units | Frequency |
| House Price Value | Jun 2019 | 585,000 | 578,000 | NZD, NSA | Monthly |
| Residential Building Permits | May 2019 | 1,539,206,844 | 1,185,524,403 | NZD, NSA | Monthly |
| Building Permits | May 2019 | 2,161,754,090 | 2,158,624,548 | NZD, NSA | Monthly |
| Non-residential Building Permits | May 2019 | 583,759,627 | 918,546,721 | NZD, NSA | Monthly |
| Consumer | Reference | Last | Previous | Units | Frequency |
| Consumer Confidence | 2019 Q2 | 103.5 | 103.8 | Index, NSA | Quarterly |
| Personal Income | 2019 Q1 | 164.17 | 162.79 | Index 2005=100, SA | Quarterly |
| Retail Sales | 2019 Q1 | 24,315 | 24,272 | Mil. NZD, SA | Quarterly |
| Business | Reference | Last | Previous | Units | Frequency |
| Business Confidence | Jun 2019 | -38.1 | -32 | %, NSA | Monthly |
| Capacity Utilization | Jun 2019 | 5.3 | 5.4 | %, NSA | Monthly |
| Real Change in Inventories | 2019 Q1 | -201 | 324 | Mil. Ch. 2009/2010 NZD, SA | Quarterly |
| Change in Inventories | 2019 Q1 | -49 | 213 | Mil. NZD, SA | Quarterly |
| Demographics | Reference | Last | Previous | Units | Frequency |
| Population | 2019 Q1 | 4,957,400 | 4,929,700 | #, NSA | Quarterly |
| Deaths | 2019 Q1 | 7,677 | 8,169 | #, NSA | Quarterly |
| Births | 2019 Q1 | 14,940 | 14,217 | #, NSA | Quarterly |
| Net Migration | 2017 | 74,403 | # | Annual | |
| Birth Rate | 2016 | 12.65 | 13.27 | # per Ths. pop. | Annual |
| Death Rate | 2016 | 6.64 | # per Ths. pop. | Annual |
Factbook
Background
Background:
The Polynesian Maori reached New Zealand sometime between A.D. 1250 and 1300. In 1840, their chieftains entered into a compact with Britain, the Treaty of Waitangi, in which they ceded sovereignty to Queen Victoria while retaining territorial rights. That same year, the British began the first organized colonial settlement. A series of land wars between 1843 and 1872 ended with the defeat of the native peoples. The British colony of New Zealand became an independent dominion in 1907 and supported the UK militarily in both world wars. New Zealand's full participation in a number of defense alliances lapsed by the 1980s. In recent years, the government has sought to address longstanding Maori grievances.
Geography
Location:
Oceania, islands in the South Pacific Ocean, southeast of Australia
Geographic coordinates:
41 00 S, 174 00 E
Map references:
Oceania
Area:
total: 268,838 sq km
land: 264,537 sq km
water: 4,301 sq km
note: includes Antipodes Islands, Auckland Islands, Bounty Islands, Campbell Island, Chatham Islands, and Kermadec Islands
country comparison to the world: 77
Area - comparative:
almost twice the size of North Carolina; about the size of Colorado
Area comparison map:
Land boundaries:
0 km
Coastline:
15,134 km
Maritime claims:
territorial sea: 12 nm
contiguous zone: 24 nm
exclusive economic zone: 200 nm
continental shelf: 200 nm or to the edge of the continental margin
Climate:
temperate with sharp regional contrasts
Terrain:
predominately mountainous with large coastal plains
Elevation:
mean elevation: 388 m
elevation extremes: lowest point: Pacific Ocean 0 m
highest point: Aoraki-Mount Cook 3,724 m
Natural resources:
natural gas, iron ore, sand, coal, timber, hydropower, gold, limestone
Land use:
agricultural land: 43.2%
arable land 1.8%; permanent crops 0.3%; permanent pasture 41.1%
forest: 31.4%
other: 25.4% (2011 est.)
Irrigated land:
7,210 sq km (2012)
Population - distribution:
over three-quarters of New Zealanders, including the indigenous Maori, live on the North Island, primarily in urban areas
Natural hazards:
earthquakes are common, though usually not severe; volcanic activity
volcanism: significant volcanism on North Island; Ruapehu (2,797 m), which last erupted in 2007, has a history of large eruptions in the past century; Taranaki has the potential to produce dangerous avalanches and lahars; other historically active volcanoes include Okataina, Raoul Island, Tongariro, and White Island
Environment - current issues:
deforestation; soil erosion; native flora and fauna hard-hit by invasive species
Environment - international agreements:
party to: Antarctic-Environmental Protocol, Antarctic-Marine Living Resources, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: Antarctic Seals, Marine Life Conservation
Geography - note:
consists of two main islands and a number of smaller islands; South Island, the larger main island, is the 12th largest island in the world and is divided along its length by the Southern Alps; North Island is the 14th largest island in the world and is not as mountainous, but it is marked by volcanism; almost 90% of the population lives in cities and over three-quarters on North Island; Wellington is the southernmost national capital in the world
People & Society
Population:
4,510,327 (July 2017 est.)
country comparison to the world: 126
Nationality:
noun: New Zealander(s)
adjective: New Zealand
Ethnic groups:
European 71.2%, Maori 14.1%, Asian 11.3%, Pacific peoples 7.6%, Middle Eastern, Latin American, African 1.1%, other 1.6%, not stated or unidentified 5.4%
note: based on the 2013 census of the usually resident population; percentages add up to more than 100% because respondents were able to identify more than one ethnic group (2013 est.)
Languages:
English (de facto official) 89.8%, Maori (de jure official) 3.5%, Samoan 2%, Hindi 1.6%, French 1.2%, Northern Chinese 1.2%, Yue 1%, other or not stated 20.5%, New Zealand Sign Language (de jure official)
note: shares sum to 120.8% due to multiple responses on census (2013 est.)
Religions:
Christian 44.3% (Catholic 11.6%, Anglican 10.8%, Presbyterian and Congregational 7.8%, Methodist, 2.4%, Pentecostal 1.8%, other 9.9%), Hindu 2.1%, Buddhist 1.4%, Maori Christian 1.3%, Islam 1.1%, other religion 1.4% (includes Judaism, Spiritualism and New Age religions, Baha'i, Asian religions other than Buddhism), no religion 38.5%, not stated or unidentified 8.2%, objected to answering 4.1%
note: based on the 2013 census of the usually resident population; percentages add up to more than 100% because respondents were able to identify more than one religion (2013 est.)
Age structure:
0-14 years: 19.69% (male 454,982/female 432,877)
15-24 years: 13.35% (male 309,707/female 292,586)
25-54 years: 39.82% (male 900,374/female 895,615)
55-64 years: 11.89% (male 261,097/female 275,151)
65 years and over: 15.25% (male 318,089/female 369,849) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 52.9
youth dependency ratio: 30.5
elderly dependency ratio: 22.4
potential support ratio: 4.5 (2015 est.)
Median age:
total: 37.9 years
male: 37.1 years
female: 38.8 years (2017 est.)
country comparison to the world: 64
Population growth rate:
0.79% (2017 est.)
country comparison to the world: 132
Birth rate:
13.2 births/1,000 population (2017 est.)
country comparison to the world: 150
Death rate:
7.5 deaths/1,000 population (2017 est.)
country comparison to the world: 111
Net migration rate:
2.2 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 44
Population distribution:
over three-quarters of New Zealanders, including the indigenous Maori, live on the North Island, primarily in urban areas
Urbanization:
urban population: 86.4% of total population (2017)
rate of urbanization: 0.98% annual rate of change (2015-20 est.)
Major urban areas - population:
Auckland 1.344 million; WELLINGTON (capital) 383,000 (2015)
Sex ratio:
at birth: 1.05 male(s)/female
0-14 years: 1.05 male(s)/female
15-24 years: 1.06 male(s)/female
25-54 years: 1 male(s)/female
55-64 years: 0.95 male(s)/female
65 years and over: 0.86 male(s)/female
total population: 0.99 male(s)/female (2017 est.)
Mother's mean age at first birth:
27.8 years
note: median age at first birth (2009 est.)
Maternal mortality ratio:
11 deaths/100,000 live births (2015 est.)
country comparison to the world: 144
Infant mortality rate:
total: 4.4 deaths/1,000 live births
male: 4.9 deaths/1,000 live births
female: 3.9 deaths/1,000 live births (2017 est.)
country comparison to the world: 183
Life expectancy at birth:
total population: 81.3 years
male: 79.1 years
female: 83.5 years (2017 est.)
country comparison to the world: 27
Total fertility rate:
2.02 children born/woman (2017 est.)
country comparison to the world: 116
Health expenditures:
11% of GDP (2014)
country comparison to the world: 14
Physicians density:
3.06 physicians/1,000 population (2015)
Hospital bed density:
2.8 beds/1,000 population (2013)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Obesity - adult prevalence rate:
30.8% (2016)
country comparison to the world: 22
Education expenditures:
6.3% of GDP (2015)
country comparison to the world: 16
School life expectancy (primary to tertiary education):
total: 19 years
male: 18 years
female: 20 years (2014)
Unemployment, youth ages 15-24:
total: 13.2%
male: 13.1%
female: 13.4% (2016 est.)
country comparison to the world: 98
Government
Country name:
conventional long form: none
conventional short form: New Zealand
abbreviation: NZ
etymology: Dutch explorer Abel TASMAN was the first European to reach New Zealand in 1642; he named it Staten Landt, but Dutch cartographers renamed it Nova Zeelandia in 1645 after the Dutch province of Zeeland; British explorer Captain James COOK subsequently anglicized the name to New Zealand when he mapped the islands in 1769
Government type:
parliamentary democracy (New Zealand Parliament) under a constitutional monarchy; a Commonwealth realm
Capital:
name: Wellington
geographic coordinates: 41 18 S, 174 47 E
time difference: UTC+12 (17 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in September; ends first Sunday in April
note: New Zealand has two time zones - New Zealand standard time (12 hours in advance of UTC), and Chatham Islands time (45 minutes in advance of New Zealand standard time)
Administrative divisions:
16 regions and 1 territory*; Auckland, Bay of Plenty, Canterbury, Chatham Islands*, Gisborne, Hawke's Bay, Manawatu-Wanganui, Marlborough, Nelson, Northland, Otago, Southland, Taranaki, Tasman, Waikato, Wellington, West Coast
Dependent areas:
Cook Islands, Niue, Tokelau
Independence:
26 September 1907 (from the UK)
National holiday:
Waitangi Day (Treaty of Waitangi established British sovereignty over New Zealand), 6 February (1840); Anzac Day (commemorated as the anniversary of the landing of troops of the Australian and New Zealand Army Corps during World War I at Gallipoli, Turkey), 25 April (1915)
Constitution:
history: New Zealand has no single constitution document; the Constitution Act 1986, effective 1 January 1987, includes only part of the uncodified constitution; others include a collection of statutes or "acts of Parliament," the Treaty of Waitangi, Orders in Council, letters patent, court decisions, and unwritten conventions
amendments: proposed as "bills” by Parliament or by referenda called either by the government or by citizens; passage of a bill as an “act” normally requires two separate readings with committee reviews in between to make changes and corrections, a third reading approved by the House of Representatives membership or by the majority of votes in a referendum, and assent to by the governor-general; passage of amendments to “reserved” constitutional provisions affecting the term of Parliament, electoral districts, and voting restrictions requires approval by 75 percent of the House membership or the majority of votes in a referendum; amended many times, last in 2014 (2018)
Legal system:
common law system, based on English model, with special legislation and land courts for the Maori
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of New Zealand
dual citizenship recognized: yes
residency requirement for naturalization: 3 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: Queen ELIZABETH II (since 6 February 1952); represented by Governor General Dame Patricia Lee REDDY (since 28 September 2016)
head of government: Prime Minister Jacinda ARDERN (since 26 October 2017); Deputy Prime Minister Winston PETERS (since 26 October 2017)
cabinet: Executive Council appointed by the governor general on the recommendation of the prime minister
elections/appointments: the monarchy is hereditary; governor general appointed by the monarch; following legislative elections, the leader of the majority party or majority coalition usually appointed prime minister by the governor general; deputy prime minister appointed by the governor general; note - Prime Minister ARDERN heads up a minority coalition government consisting of the Labor and New Zealand First parties with support from the Green Party
Legislative branch:
description: unicameral House of Representatives - commonly called Parliament (usually 120 seats; 70 members directly elected in single-seat constituencies, including 7 Maori constituencies, by simple majority vote and 50 directly elected by proportional representation vote; members serve 3-year terms)
elections: last held on 23 September 2017 (next to be held in September 2020)
election results: percent of vote by party - National Party 46%, Labor Party 35.9%, NZ First 7.5%, Green Party 5.9%, ACT Party .5%; seats by party - National Party 56, Labor Party 46, NZ First 9, Green Party 8, ACT Party 1
Judicial branch:
highest court(s): Supreme Court (consists of 5 justices including the chief justice); note - the Supreme Court in 2004 replaced the Judicial Committee of the Privy Council (in London) as the final appeals court
judge selection and term of office: justices appointed by the governor-general on the recommendation of the attorney-general; justices appointed for life
subordinate courts: Court of Appeal; High Court; tribunals and authorities; district courts; specialized courts for issues related to employment, environment, Maori lands, and military
Political parties and leaders:
ACT New Zealand [David SEYMOUR]
Green Party [James SHAW]
Mana Movement [Hone HARAWIRA] (formerly Mana Party)
Maori Party [Marama FOX]
New Zealand First Party or NZ First [Winston PETERS]
New Zealand Labor Party [Jacinda ARDERN]
New Zealand National Party [Simon BRIDGES]
United Future New Zealand [Damian LIGHT]
Political pressure groups and leaders:
Women's Electoral Lobby or WEL
other: apartheid groups; civil rights groups; farmers groups; Maori; nuclear weapons groups; women's rights groups
International organization participation:
ADB, ANZUS (US suspended security obligations to NZ on 11 August 1986), APEC, ARF, ASEAN (dialogue partner), Australia Group, BIS, C, CD, CP, EAS, EBRD, FAO, FATF, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, NSG, OECD, OPCW, Pacific Alliance (observer), Paris Club (associate), PCA, PIF, SICA (observer), Sparteca, SPC, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNMISS, UNTSO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador Timothy John GROSER (since 28 January 2016)
chancery: 37 Observatory Circle NW, Washington, DC 20008
telephone: [1] (202) 328-4800
FAX: [1] (202) 667-5227[1] (202) 667-5227
consulate(s) general: Honolulu (HI), Los Angeles, New York
Diplomatic representation from the US:
chief of mission: Ambassador Scott P. BROWN (since 27 June 2017) note - also accredited to Samoa
embassy: 29 Fitzherbert Terrace, Thorndon, Wellington
mailing address: P. O. Box 1190, Wellington; PSC 467, Box 1, APO AP 96531-1034
telephone: [64] (4) 462-6000
FAX: [64] (4) 499-0490
consulate(s) general: Auckland
Flag description:
blue with the flag of the UK in the upper hoist-side quadrant with four red five-pointed stars edged in white centered in the outer half of the flag; the stars represent the Southern Cross constellation
National symbol(s):
Southern Cross constellation (four, five-pointed stars), kiwi (bird), silver fern; national colors: black, white, red (ochre)
National anthem:
name: "God Defend New Zealand"
lyrics/music: Thomas BRACKEN [English], Thomas Henry SMITH [Maori]/John Joseph WOODS
note: adopted 1940 as national song, adopted 1977 as co-national anthem; New Zealand has two national anthems with equal status; as a commonwealth realm, in addition to "God Defend New Zealand," "God Save the Queen" serves as a national anthem (see United Kingdom); "God Save the Queen" normally played only when a member of the royal family or the governor-general is present; in all other cases, "God Defend New Zealand" is played
Economy
Economy - overview:
Over the past 40 years, the government has transformed New Zealand from an agrarian economy, dependent on concessionary British market access, to a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes, but left behind some at the bottom of the ladder and broadened and deepened the technological capabilities of the industrial sector.
Per capita income rose for 10 consecutive years until 2007 in purchasing power parity terms, but fell in 2008-09. Debt-driven consumer spending drove robust growth in the first half of the decade, fueling a large balance of payments deficit that posed a challenge for policymakers. Inflationary pressures caused the central bank to raise its key rate steadily from January 2004 until it was among the highest in the OECD in 2007 and 2008. The higher rate attracted international capital inflows, which strengthened the currency and housing market while aggravating the current account deficit. Rising house prices, especially in Auckland, have become a political issue in recent years, as well as a policy challenge in 2016 and 2017, as the ability to afford housing has declined for many.
Expanding New Zealand’s network of free trade agreements remains a top foreign policy priority. New Zealand was an early promoter of the Trans-Pacific Partnership (TPP) and was the second country to ratify the agreement in May 2017. Following the United States’ withdrawal from the TPP in January 2017, on 10 November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). In November 2016, New Zealand opened negotiations to upgrade its FTA with China; China is one of New Zealand’s most important trading partners.
GDP (purchasing power parity):
$185.7 billion (2017 est.)
$179.5 billion (2016 est.)
$173.3 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 70
GDP (official exchange rate):
$200.8 billion (2017 est.)
GDP - real growth rate:
3.5% (2017 est.)
3.6% (2016 est.)
3.2% (2015 est.)
country comparison to the world: 94
GDP - per capita (PPP):
$38,500 (2017 est.)
$37,800 (2016 est.)
$37,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 47
Gross national saving:
21.1% of GDP (2017 est.)
20.5% of GDP (2016 est.)
20.1% of GDP (2015 est.)
country comparison to the world: 82
GDP - composition, by end use:
household consumption: 57.1%
government consumption: 18.4%
investment in fixed capital: 23.2%
investment in inventories: 0.3%
exports of goods and services: 27.4%
imports of goods and services: -26.4% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 3.9%
industry: 26.2%
services: 69.9% (2017 est.)
Agriculture - products:
dairy products, sheep, beef, poultry, fruit, vegetables, wine, seafood, wheat and barley
Industries:
agriculture, forestry, fishing, logs and wood articles, manufacturing, mining, construction, financial services, real estate services, tourism
Industrial production growth rate:
2.5% (2017 est.)
country comparison to the world: 111
Labor force:
2.655 million (2017 est.)
country comparison to the world: 114
Labor force - by occupation:
agriculture: 7%
industry: 19%
services: 74% (2006 est.)
Unemployment rate:
4.9% (2017 est.)
5.1% (2016 est.)
country comparison to the world: 66
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Distribution of family income - Gini index:
36.2 (1997 est.)
country comparison to the world: 92
Budget:
revenues: $73.2 billion
expenditures: $71.9 billion (2017 est.)
Taxes and other revenues:
36.4% of GDP (2017 est.)
country comparison to the world: 49
Budget surplus (+) or deficit (-):
0.7% of GDP (2017 est.)
country comparison to the world: 21
Public debt:
32% of GDP (2017 est.)
33.3% of GDP (2016 est.)
country comparison to the world: 159
Fiscal year:
1 April - 31 March
note: this is the fiscal year for tax purposes
Inflation rate (consumer prices):
2.2% (2017 est.)
0.6% (2016 est.)
country comparison to the world: 106
Central bank discount rate:
2.5% (31 December 2009 est.)
5% (31 December 2008 est.)
country comparison to the world: 114
Commercial bank prime lending rate:
4.9% (31 December 2017 est.)
5.02% (31 December 2016 est.)
country comparison to the world: 147
Stock of narrow money:
$44.4 billion (31 December 2017 est.)
$42.01 billion (31 December 2016 est.)
country comparison to the world: 56
Stock of broad money:
$199.9 billion (31 December 2017 est.)
$190 billion (31 December 2016 est.)
country comparison to the world: 40
Stock of domestic credit:
$300.9 billion (31 December 2017 est.)
$284.7 billion (31 December 2016 est.)
country comparison to the world: 38
Market value of publicly traded shares:
$74.35 billion (31 December 2015 est.)
$74.42 billion (31 December 2014 est.)
$65.96 billion (31 December 2013 est.)
country comparison to the world: 45
Current account balance:
$-7.17 billion (2017 est.)
$-5.013 billion (2016 est.)
country comparison to the world: 181
Exports:
$37.35 billion (2017 est.)
$33.61 billion (2016 est.)
country comparison to the world: 55
Exports - commodities:
dairy products, meat and edible offal, logs and wood articles, fruit, crude oil, wine
Exports - partners:
China 19.4%, Australia 17.1%, US 10.9%, Japan 6.2% (2016)
Imports:
$38.74 billion (2017 est.)
$35.53 billion (2016 est.)
country comparison to the world: 58
Imports - commodities:
petroleum and products, mechanical machinery, vehicles and parts, electrical machinery, textiles
Imports - partners:
China 19.9%, Australia 12.6%, US 11.3%, Japan 7.1%, Germany 4.8%, Thailand 4.5%, South Korea 4.2% (2016)
Reserves of foreign exchange and gold:
$18.32 billion (31 December 2017 est.)
$17.81 billion (31 December 2016 est.)
country comparison to the world: 63
Debt - external:
$88.08 billion (31 December 2017 est.)
$84.03 billion (31 December 2016 est.)
country comparison to the world: 54
Stock of direct foreign investment - at home:
$78.25 billion (31 December 2017 est.)
$77.31 billion (31 December 2016 est.)
country comparison to the world: 52
Stock of direct foreign investment - abroad:
$59.08 billion (31 December 2009 est.)
country comparison to the world: 41
Exchange rates:
New Zealand dollars (NZD) per US dollar -
1.42 (2017 est.)
1.43 (2016 est.)
1.43 (2015 est.)
1.43 (2014 est.)
1.2 (2013 est.)
Energy
Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
42.77 billion kWh (2015 est.)
country comparison to the world: 58
Electricity - consumption:
39.93 billion kWh (2015 est.)
country comparison to the world: 57
Electricity - exports:
0 kWh (2016 est.)
country comparison to the world: 181
Electricity - imports:
0 kWh (2016 est.)
country comparison to the world: 184
Electricity - installed generating capacity:
9.454 million kW (2015 est.)
country comparison to the world: 65
Electricity - from fossil fuels:
24% of total installed capacity (2015 est.)
country comparison to the world: 191
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 160
Electricity - from hydroelectric plants:
56.5% of total installed capacity (2015 est.)
country comparison to the world: 31
Electricity - from other renewable sources:
19.7% of total installed capacity (2015 est.)
country comparison to the world: 31
Crude oil - production:
34,730 bbl/day (2016 est.)
country comparison to the world: 60
Crude oil - exports:
30,560 bbl/day (2016 est.)
country comparison to the world: 49
Crude oil - imports:
109,200 bbl/day (2016 est.)
country comparison to the world: 42
Crude oil - proved reserves:
56.9 million bbl (1 January 2017 est.)
country comparison to the world: 79
Refined petroleum products - production:
117,100 bbl/day (2016 est.)
country comparison to the world: 65
Refined petroleum products - consumption:
167,700 bbl/day (2016 est.)
country comparison to the world: 63
Refined petroleum products - exports:
3,863 bbl/day (2016 est.)
country comparison to the world: 102
Refined petroleum products - imports:
54,750 bbl/day (2016 est.)
country comparison to the world: 78
Natural gas - production:
4.954 billion cu m (2015 est.)
country comparison to the world: 51
Natural gas - consumption:
9.08 billion cu m (2015 est.)
country comparison to the world: 56
Natural gas - exports:
0 cu m (2014 est.)
country comparison to the world: 163
Natural gas - imports:
0 cu m (2014 est.)
country comparison to the world: 171
Natural gas - proved reserves:
35.88 billion cu m (1 January 2017 est.)
country comparison to the world: 69
Carbon dioxide emissions from consumption of energy:
37 million Mt (2013 est.)
country comparison to the world: 72
Communications
Telephones - fixed lines:
total subscriptions: 1.76 million
subscriptions per 100 inhabitants: 41 (July 2016 est.)
country comparison to the world: 62
Telephones - mobile cellular:
total: 5.8 million
subscriptions per 100 inhabitants: 129 (July 2016 est.)
country comparison to the world: 113
Telephone system:
general assessment: excellent domestic and international systems
domestic: combined fixed-line and mobile-cellular telephone subscribership exceeds 170 per 100 persons
international: country code - 64; the Southern Cross submarine cable system provides links to Australia, Fiji, and the US; satellite earth stations - 8 (1 Inmarsat - Pacific Ocean, 7 other) (2016)
Broadcast media:
state-owned Television New Zealand operates multiple TV networks and state-owned Radio New Zealand operates 3 radio networks and an external shortwave radio service to the South Pacific region; a small number of national commercial TV and radio stations and many regional commercial television and radio stations are available; cable and satellite TV systems are available, as are a range of streaming services, as are a range of streaming services (2018)
Internet country code:
.nz
Internet users:
total: 3,958,642
percent of population: 88.5% (July 2016 est.)
country comparison to the world: 89
Transportation
National air transport system:
number of registered air carriers: 6
inventory of registered aircraft operated by air carriers: 123
annual passenger traffic on registered air carriers: 15,304,409
annual freight traffic on registered air carriers: 999,384,961 mt-km (2015)
Civil aircraft registration country code prefix:
ZK (2016)
Airports:
123 (2013)
country comparison to the world: 48
Airports - with paved runways:
total: 39
over 3,047 m: 2
2,438 to 3,047 m: 1
1,524 to 2,437 m: 12
914 to 1,523 m: 23
under 914 m: 1 (2017)
Airports - with unpaved runways:
total: 84
1,524 to 2,437 m: 3
914 to 1,523 m: 33
under 914 m: 48 (2013)
Pipelines:
condensate 331 km; gas 2,500 km; liquid petroleum gas 172 km; oil 288 km; refined products 198 km (2018)
Railways:
total: 4,128 km
narrow gauge: 4,128 km 1.067-m gauge (506 km electrified) (2018)
country comparison to the world: 44
Roadways:
total: 94,000 km
paved: 61,600 km (includes 199 km of expressways)
unpaved: 32,400 km (2017)
country comparison to the world: 52
Merchant marine:
total: 103
by type: general cargo 16, oil tanker 4, other 83 (2017)
country comparison to the world: 83
Ports and terminals:
major seaport(s): Auckland, Lyttelton, Manukau Harbor, Marsden Point, Tauranga, Wellington
Military & Security
Military expenditures:
1.1% of GDP (2017)
1.13% of GDP (2016)
1.11% of GDP (2015)
1.13% of GDP (2014)
1.12% of GDP (2013)
country comparison to the world: 106
Military branches:
New Zealand Defense Force (NZDF): New Zealand Army, Royal New Zealand Navy, Royal New Zealand Air Force) (2018)
Military service age and obligation:
17 years of age for voluntary military service; soldiers cannot be deployed until the age of 18; no conscription; 3 years of secondary education required; must be a citizen of NZ, the UK, Australia, Canada, or the US, and resident of NZ for the previous 5 years (2018)
Transnational Issues
Disputes - international:
asserts a territorial claim in Antarctica (Ross Dependency)
Illicit drugs:
significant consumer of amphetamines
