Economy of New Zealand
New Zealand is an island country in the south-western Pacific Ocean which is comprising two main landmasses (the North Island and the South Island) and numerous smaller islands.
New Zealand's open economy is known as one of the world's most free market capitalist economies. Auckland is the economic centre of the country.
New Zealand has a modern, prosperous, developed economy with a nominal GDP 1 of US$128.1 billion (2008). The country has a relatively high standard of living with GDP per capita 2 of US$30,234 in 2008, comparable to Southern Europe, e.g. Spain US$33,385, but lower than the United States at US$46,820. Since 2000 New Zealand made substantial gains in median household income. New Zealand, along with Australia, largely escaped the early 2000s recession that affected most other Western countries.
New Zealanders have a high level of life satisfaction as it is measured by international surveys; this is despite lower GDP per capita levels than many other countries. The country was ranked 20th on the 2006 Human Development Index and 15th in The Economist's 2005 worldwide quality-of-life index. The country was ranked 1st in life satisfaction and 5th in overall prosperity. Taxation in New Zealand is lighter than in other countries. New Zealand is one of the most free market capitalist economies according to economic freedom indices.
The service sector is the largest sector in the economy (68.8% of GDP), which is followed by manufacturing and construction (26.9% of GDP) and the farming/raw materials extraction (4.3% of GDP).
New Zealand is a country heavily dependent on free trade, particularly in agricultural products. Exports account for around 24% of its output, which is a relatively high figure (it is around 50% for many smaller European countries). This makes New Zealand particularly vulnerable to international commodity prices and global economic slowdowns. Its principal export industries are agriculture, horticulture, fishing and forestry. These make up about half of the country's exports. Its major export partners are Australia 20.5%, US 13.1%, Japan 10.3%, China 5.4%, UK 4.9% (2006). Tourism plays a significant role in New Zealand's economy. Tourism contributes $12.8 billion (or 8.9%) to New Zealand’s total GDP and supports nearly 200,000 full-time equivalent jobs (9.9% of the total workforce in New Zealand). Tourists to New Zealand are expected to increase at a rate of 4% annually up to 2013.
The New Zealand dollar is the currency of New Zealand. It is often informally known as the "Kiwi (dollar)".
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Historically New Zealand enjoyed a high standard of living which relied on its strong relationship with the United Kingdom, and the stable market for its commodity exports. New Zealand's economy was also built on a narrow range of primary products, such as wool, meat and dairy products.
The current government's economic objectives are centred on pursuing free-trade agreements. On 7 April 2008, New Zealand and China signed the New Zealand China Free Trade Agreement. Economic challenges for New Zealand nowadays include a current account deficit of 7.9% of GDP, slow development of non-commodity exports and tepid growth of labour productivity.
Agriculture is the main export industry in New Zealand. In 2007, dairy products accounted for 21% ($7.5 billion) of total merchandise exports, and the largest company of the country, Fonterra, a dairy cooperative, controls almost one-third of the international dairy trade. Other agricultural items were meat 13.2%, wood 6.3%, fruit 3.5% and fishing 3.3%. New Zealand also has a thriving wine industry.
Notes:
1. GDP = Gross Domestic Product - валовый внутренний продукт (ВВП)
2. per capita – на душу населения
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