Economy

Economy and Industry

New Zealand has a mixed economy. The main driving force of the economy is the, on exporting focussed, agriculture. Other driving forces are manufacturing and services. The economy as a whole is trade oriented, with food and beverages representing the main part of trade. Examples are New Zealand’s wines, top quality meat (in particular lamb), diary, seafood, fruit and vegetables. The service sector is represented by tourism, consultancy, and education. The latter one is very significant for the economy.

Financial Inequality

New Zealand experiences a growth in inequality. This causes serious problems in a few poor urban areas, such as south Auckland. Considering the national wealth, New Zealand is around the 21st place concerning the 30 OECD (Organisation for Economic Co-operation and Development) countries if looking at GDP (Gross Domestic Product) per head in terms of PPP (Purchasing Power Parity). Translated this means that Kiwi’s are approximately a third less affluent than Canadians and Irish. New Zealanders can, considering this, be compared with Spanish.

New Zealand’s Growth

New Zealand’s GDP has increased, relative to other OECD countries, a lot. This caused that consumers are spending their money quite easy, which is good for the economy. In 1999 5% of the New Zealanders earned NZ$60.000. This percentage was doubled by the end of 2003. The wealthiest region of New Zealand is Wellington.

External Resources

For more information about New Zealand's economy we refer to the following websites: http://www.treasury.govt.nz; http://www.stats.govt.nz.