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Economy of New Zealand

The economy of New Zealand is a mixed economy that depends greatly on international trade, mainly with Australia, the European Union, the United States, China, South Korea and Japan. The Closer Economic Relations agreement with Australia means that New Zealand's economy is closely aligned with the Australian economy.

New Zealand's economy has a sizable service sector, accounting for 63% of all GDP activity in 2013. Large scale manufacturing industries include aluminum production, food processing, metal fabrication, wood and paper products. Mining, manufacturing, electricity, gas, water, and waste services accounted for 16.5% of GDP in 2013. The primary sector continues to dominate New Zealand's exports, despite accounting for 6.5% of GDP in 2013.

The major capital market is the New Zealand Exchange, known as the NZX. As of November 2014, NZX had a total of 258 listed securities with a combined market capitalisation of $94.1 billion. The currency is known as the New Zealand dollar, which is also the currency of five Pacific Island territories. The New Zealand dollar is the 10th most traded currency in the world.

New Zealand has also had persistent current account deficits since the early 70s, peaking at -7.8% of GDP in 2006 but falling to -2.6% of GDP in FY 2014. Despite this, public debt (that owed by the Government) stands at 38.4% (2013 estimate) of GDP, which is small compared to many developed nations. However, between 1984 and 2006, net foreign debt increased 11-fold, to NZ$182 billion. By March 2014 net foreign debt had dropped back to NZ$141.6 billion, which represents 61.5% of GDP.

In Agriculture - products: wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef, dairy products; fish.

Exports - commodities: dairy products, meat, wood and wood products, fish, machinery.

Imports - commodities: machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of New Zealand"

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