The economy of New Zealand is the 53rd-largest national economy in the world when measured by nominal gross domestic product (GDP) and the 68th-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 Australia, the European Union, the United States, China, South Korea, Japan and Canada. New Zealand’s Closer Economic Relations agreement with Australia means that the economy aligns closely with that of Australia.
The New Zealand economy has been ranked first in the world for Social Progression, which covers such areas as Basic Human Needs, Foundations of Wellbeing, and the level of Opportunity available to its citizens.
New Zealand was ranked 1st on the Transparency International Corruption Perceptions Index
The majority of New Zealand’s economy is located in its three main cities – Auckland, Wellington, and Christchurch
Fertile soil and excellent growing conditions coupled with sophisticated farming methods and advanced agricultural technology provide the ideal environment for pastoral, forestry and horticulture activities. Various primary commodities account for around half of all goods exports and New Zealand is one of the top five dairy exporters in the world.
It’s an outward-looking, internationally competitive economy with exports accounting for about 30% of GDP.
We have a low-inflation environment, with monetary policy managed by the Reserve Bank, our independent central bank that is charged with maintaining price stability.
We have a long-standing flexible exchange rate. There are no exchange controls or restrictions on bringing in or repatriating funds.
he New Zealand economy made a solid recovery after the 2008/09 recession, which was shallow compared to other advanced economies. Annual growth has averaged 2.1% since March 2010, emphasising the economy’s resilience.
In the year ending September 2017 the economy grew 2.7%.
Our top ten trading partners in 2016 were, in order, Australia, China, the European Union, USA, Japan, Singapore, Korea, Thailand, Malaysia and India. The government is pursuing further opportunities in Europe and also in emerging regions including the Middle East and Latin America.
While we export a wide and growing range of products, commodity-based products remain a main source of export receipts.