New zealand economy facts

Here are some key facts about the New Zealand economy:

  1. GDP: New Zealand's Gross Domestic Product (GDP) was approximately NZD 206 billion (USD 130 billion) in 2020.
  2. Economic growth: New Zealand's economy has been growing steadily over the past few decades, with an average annual growth rate of around 2.5% since 1990.
  3. Service sector: The service sector is the largest contributor to New Zealand's economy, accounting for around 70% of GDP. This includes industries such as finance, healthcare, education, and tourism.
  4. Agriculture: Agriculture is a significant sector in New Zealand's economy, accounting for around 5% of GDP. The country is known for its high-quality agricultural products, including dairy products, meat, and wool.
  5. Export-oriented: New Zealand has a highly export-oriented economy, with around 30% of its GDP generated from exports. The country's main export markets are Australia, the United States, and China.
  6. Fiscal discipline: New Zealand has a reputation for fiscal discipline, with a low debt-to-GDP ratio of around 20%. The country has a strong track record of managing its finances and has a AAA credit rating from major rating agencies.
  7. Inflation: New Zealand's inflation rate has been relatively low in recent years, averaging around 1.5% per annum. The Reserve Bank of New Zealand (RBNZ) has a target inflation rate of 2% per annum.
  8. Unemployment: New Zealand's unemployment rate has been trending downwards in recent years, averaging around 4% in 2020. The country has a highly skilled and flexible labor market.
  9. Productivity: New Zealand's productivity growth has been relatively slow in recent years, averaging around 1% per annum. The country is working to improve productivity through investments in education and innovation.
  10. Innovation: New Zealand is known for its innovative economy, with a strong focus on research and development (R&D). The country has a high level of R&D investment, with many startups and small businesses driving innovation.
  11. Tourism: Tourism is a significant contributor to New Zealand's economy, accounting for around 5% of GDP. The country is known for its natural beauty, outdoor activities, and cultural attractions.
  12. Infrastructure: New Zealand has a well-developed infrastructure network, including roads, airports, and seaports. The country is investing in upgrading its infrastructure to support economic growth and development.
  13. Trade agreements: New Zealand has a number of trade agreements in place, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Australia-New Zealand Closer Economic Relations Trade Agreement (CER).
  14. Currency: The New Zealand dollar (NZD) is the official currency of New Zealand. It is often referred to as the "kiwi dollar".
  15. Central bank: The Reserve Bank of New Zealand (RBNZ) is the country's central bank, responsible for setting monetary policy and regulating the financial system.

These are just a few key facts about the New Zealand economy. If you have any specific questions or would like more information, feel free to ask!