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New Zealand Economy Part 1
Industrial Production Growth Rate: 5.9% (2004)
Agriculture Products: wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef, dairy products; fish
Export commodities: dairy products, meat, wood and wood products, fish, machinery
Import commodities: machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics
Electricity consumption: 34.88 TWh (2001)
Electricity production: 38.39 TWh (2004)
- from Fossil Fuels: 31.6%
- by hydropower: 57.8%
- from Nuclear power: 0%
- from other sources: 10.7%
Oil - production: 42,160 barrel/day (6,703 m³/d) 2001
Oil - consumption: 132,700 barrel/day (21,100 m³/d) 2001
Oil - exports: 30,220 barrel/day (4,800 m³/d) 2001
Oil - imports: 119,700 barrel/day (19,000 m³/d) 2001
Oil - proved reserves: 89.62 million barrel (14,250,000 m³) January 2002
The Economy of New Zealand is a small but prosperous free market economy, which is greatly dependent on international trade, mainly with Australia, the United States of America and Japan.
Free Market
Since 1984, the government of New Zealand has accomplished major economic restructuring, moving an agrarian economy dependent on concessionary British market access toward a more industrialised, free market economy that can compete globally. This growth has boosted real incomes, broadened and deepened the technological capabilities of the industrial sector, and contained inflationary pressures.Inflation remains among the lowest in the industrial world. Per capita GDP has been moving up toward the levels of the big West European economies. New Zealand's heavy dependence on trade leaves its growth prospects vulnerable to economic performance in Asia, Europe, and the United States.
Exports
New Zealand's economy has traditionally been based on a foundation of exports from its very efficient agricultural system. Leading agricultural exports include meat, dairy products, forest products, fruit and vegetables, fish, and wool. New Zealand was a direct beneficiary of many of the reforms achieved under the Uruguay Round of trade negotiations, with agriculture in general and the dairy sector in particular enjoying many new trade opportunities in the long term.
The country has substantial hydroelectric power and sizable reserves of natural gas, much of which is exploited due primarily to major Keynesian import substitution-oriented industrial projects. Leading manufacturing sectors are food processing, metal fabrication, and wood and paper products. Some manufacturing industries, many of which had only been established in a climate of import substitution with high tariffs and subsidies, such as car assembly, have completely disappeared, and manufacturing's importance in the economy is in a general decline.
Links:
Organisation for Economic Co-operation and Development
Ministry of Economic Development
Statistics New Zealand
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