Economy of new zealand 2018

Here is an overview of the economy of New Zealand in 2018:

GDP and Growth Rate:

• GDP (nominal): NZD 206 billion (approximately USD 130 billion)
• GDP growth rate: 2.5% (2018)
• GDP per capita: NZD 43,000 (approximately USD 28,000)

Key Sectors:

• Agriculture: 5.5% of GDP (2018), with major exports including dairy products, meat, and wool
• Manufacturing: 3.5% of GDP (2018), with a focus on food processing, textiles, and machinery
• Services: 72% of GDP (2018), with major sectors including finance, tourism, and education
• Construction: 6.5% of GDP (2018), driven by government infrastructure spending and residential construction

Trade:

• Exports: NZD 64 billion (approximately USD 42 billion) in 2018, with major markets including China, Australia, and the United States
• Imports: NZD 54 billion (approximately USD 36 billion) in 2018, with major suppliers including China, Australia, and the United States
• Trade balance: NZD 10 billion (approximately USD 6.5 billion) surplus in 2018

Inflation and Interest Rates:

• Inflation rate: 1.9% (2018)
• Official cash rate: 1.75% (2018), set by the Reserve Bank of New Zealand

Unemployment:

• Unemployment rate: 4.5% (2018)
• Youth unemployment rate: 10.5% (2018)

Government Finances:

• Budget deficit: NZD 1.4 billion (approximately USD 900 million) in 2018
• Government debt: NZD 73 billion (approximately USD 48 billion) in 2018

Challenges and Opportunities:

• The New Zealand economy faced challenges in 2018, including a decline in dairy prices and a drought that affected agricultural production.
• The government has implemented policies to address these challenges, including a focus on diversifying the economy and increasing investment in infrastructure.
• Opportunities for growth include the development of the services sector, particularly in areas such as technology and tourism.

Rankings:

• New Zealand was ranked 3rd in the World Bank's Ease of Doing Business Index (2018)
• New Zealand was ranked 5th in the World Economic Forum's Global Competitiveness Index (2018)
• New Zealand was ranked 1st in the World Bank's Doing Business Index for Starting a Business (2018)

Overall, the New Zealand economy in 2018 was characterized by moderate growth, a strong trade balance, and a focus on diversification and infrastructure development.