Household income or consumption by percentage share: 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, Electricity – production by source:[83][164], Exchange rates:

Recently, GDP has come under scrutiny as a planning tool, with some decision-makers turning instead to the Happiness Index, a marker that focuses on the wellbeing of the citizens rather than an economic bottom line. [49] Between 2012 and April 2016, the average Auckland home increased in price by just over two-thirds reaching $931,000 – higher than the cost of an average home in Sydney. Harris’ vision for a better, happier and more cohesive New Zealand is now a step closer to being fulfilled, with Jacinda Ardern’s new wellness budget. ANZ’s Process Blue is a registered Trade Mark of ANZ. Only Mexico's citizens had a higher percentage-wise "take home" proportion of their salaries. In 2007, around 7% of all New Zealand agriculturally productive land was foreign-owned.

[147] In 2013, bilateral trade between the two countries was valued at NZ$11.8 billion. Source:

[89] In a process often referred to in New Zealand as Rogernomics, successive governments introduced policies which dramatically liberalised the economy. The New Zealand economy has been able to return to something closer to normal, but the outlook is a challenging one. [131] The directors of many of these finance companies were subsequently investigated for fraud and some high-profile directors went to prison. In the 21st century, Asian economies have been developing rapidly providing significant demand for New Zealand's exports.

Those at the bottom end, earning less than $356 a week, spend between 11% and 14% on GST. New Zealand income levels, which used to be above those of many other countries in Western Europe prior to the crisis of the 1970s, have dropped in relative terms and never recovered.

Settlers continued to be dependent on Māori for food until the 1860s. Open a bank account online or apply for a range of banking products. The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). [91], Other projects included the Clyde Dam on the Clutha River, which was built to meet a growing demand for electricity, and the expansion of the New Zealand Steel plant at Glenbrook. [84] New Zealand suffers from a geographical imbalance between electricity production and consumption. Elections in 2017 resulted in a hung parliament, with the “kingmaker” and populist New Zealand First party subsequently forming a minority coalition, enabling new Prime Minister Jacinda Ardern’s center-left Labor Party to return to power. New Zealand has a high rate of internet use. nations with negative real GDP growth totaling 3.5%. By 1978, it had dropped to 22nd place. The New Zealand economy has been ranked first in the Social Progress Index, which covers such areas as basic human needs, foundations of well-being, and the level of opportunity available to its citizens.
[28] However, the outlook includes some challenges.

Many operate through local agents, with some joint venture associations.
All up, slowing growth in the context of inflation that’s still shy of the RBNZ’s target midpoint means the case for a little extra monetary stimulus will become evident. With the RBNZ now expected to come to the party a little earlier than we previously thought, it shouldn’t be long before the economy gets the stimulus it needs to push economic activity back into inflation-building territory. [104] This had a significant effect on the standard of living. [31] In 2011, economist Bill Rosenberg said that the figure is closer to 9% if foreign ownership of forestry is included. There are very few limitations on investment activity, and foreign investment has been actively encouraged.

Domestic activity slowed sharply over 2008 as high fuel and food prices dampened domestic consumption, while high interest rates and falling house prices drove a rapid decline in residential investment. Partly as a result, from 1970 to 1990, the relative New Zealand GDP per capita adjusted for purchasing power declined from about 115% of the OECD average to 80%.[88].

[46] The low unemployment also had some disadvantages, with many companies unable to fill jobs. New Zealand income levels, which used to be above those of many other countries in Western Europe prior to the crisis of the 1970s, have dropped in relative terms and never recovered. As of October 2014[update], there are 1,916,000 broadband connections and 65,000 dial-up connections in New Zealand, of which 1,595,000 are residential and 386,000 are business or government. The allocation of $550 million represents about 0.26% of New Zealand's gross national income (GNI).[161].

Economic Forecast Summary (June 2020) Access New Zealand Projection Data; Access Projection Data and Analysis ; Reform Priorities (July 2019) 2017 Reform Priorities; Access Economic Policy Reforms: Going for Growth, Report; Economic Survey of New Zealand (April 2019) Executive Summary . [110], The wage and price freeze of the early eighties coupled with the removal of financial restrictions and a lack of investment opportunities, led to a speculative bubble on New Zealand's sharemarket, sharemarket crash of 1987, in which New Zealand's sharemarket shed 60% from its 1987 peak, and taking several years to recover. [113] Between 1986 and 1993, the unemployment rate rose from 3.6% to 11%. April 2019: Blowin' in the wind (PDF 532kB) The New Zealand economy has been evolving broadly as expected, but softening near-term indicators have led us to downgrade the near-term outlook. Katso, miten voimme auttaa sinua laajentamaan liiketoimintaasi ulkomaille. [57] Mortgage adviser Bruce Patten said the trend was 'disturbing' and added to the gap between the 'haves and have-nots'. "[69], New Zealand's transport infrastructure is "generally well developed.

The regulatory framework is efficient. When disasters occur, they often have severe social and economic effects which last for years. [77], A$300 million Rural Broadband Initiative (RBI) has also been introduced by the Government, with the aim to bring broadband of at least 5Mbit/s to 86% of rural customers by 2016. Its proximity to Asia and Australia, and strong tourism and agricultural sectors also strengthen the economy.

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